Shakey’s Pizza Asia profits up 11% in 2024

Systemwide sales (SWS) are at $385m (PHP21.7b), up by 17%.

Potato Corner operator Shakey’s Pizza Asia Ventures, Inc. (SPAVI) net income after taxes surged 57% year-on-year (YoY), helping lift the company's full-year earnings (FY2024) by 11%.

Systemwide sales (SWS) are at US$385m (PHP21.7b), up by 17% due to a robust Q4 2024 that delivered a 21% improvement over the same period in the previous year.

Meanwhile, blended same-store sales growth (SSSG) reached 7% in Q4 2024, bringing full-year SSSG to 4%. This was attributed to volume growth anchored on December festivities, product innovations and improvements, and value offerings, which drove brand relevance.

SPAVI also expanded its global footprint, ending the year with 2,619 stores, with about one-sixth located overseas. Throughout 2024, the group launched 478 new stores and outlets—including 136 in Q4—over 100 of which opened in international markets such as Thailand, Singapore, and China.

On the profitability front, the company’s gross margins widened by 90 basis points (bps) to 25.5% YoY for the full year, bolstered by a 300-basis point improvement in Q4.

($1 = PHP56.29)