earnings reports

Shakey’s earnings swing to positive, still ‘cautious’ over Delta

Ralf Rivas
Shakey’s earnings swing to positive, still ‘cautious’ over Delta

PIZZA CHAIN. A Shakey's branch.

Shakey's Facebook page

With dine-in prohibited again due to COVID-19, Shakey's expects the impact to be 'partially cushioned' by its delivery services

Restaurant chain operator Shakey’s Pizza Asia Ventures posted a positive bottom line of P14 million in the first half of 2021, an upswing from the P290-million loss in the same period in 2020.

In a stock exchange filing on Wednesday, August 11, Shakey’s reported a 43% rise in systemwide sales in the second quarter to P1.6 billion, despite dine-in restrictions.

First half sales totaled P3.3 billion, close to the P3.45 billion registered in the same period in 2020.

Shakey’s further reduced operating expenses by 27% in the first semester.

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Shakey’s is still quite far from seeing figures similar to 2019, where its net income in the first half reached P418 million and sales hit P4.9 billion.

“We are still very much in uncertain times, thus we remain cautiously optimistic, anticipating uncertainties that may potentially delay the path to recovery,” said Vicente Gregorio, Shakey’s chief executive officer and president.

The Delta variant of the coronavirus has led to the reimposition of strict lockdowns in parts of the Philippines, including Metro Manila, in the third quarter. Dine-in is again prohibited at restaurants.

Shakey’s expects the impact of the lockdowns to be “partially cushioned” by the sustained growth in delivery services. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.