Shakey’s Systemwide Sales Grows 17% in Q1 2025 On the Back of Global Network Expansion and Same-Store Sales Growth

Shakey’s Pizza Asia Ventures, Inc. (SPAVI), one of the Philippines’ leading multi-brand food service groups, posted 17% YoY systemwide sales growth for the first quarter of 2025. Broad-based growth was delivered by all brands in both domestic and international segments, on the back of its global network expansion and same-store sales growth (SSSG). Revenue growth registered at 14% year-on-year to P3.5 billion, closely mirroring SWS growth.

The Company’s global portfolio is mainly comprised of Shakey’s, the country’s top full service restaurant chain, which celebrates its 50th Anniversary in the Philippines this year; Peri-Peri Charcoal Chicken & Sauce Bar, a strong challenger in the roast chicken restaurant space; and Potato Corner, the leading food kiosk chain in the country with an expanding international footprint.

SPAVI closed the quarter with a total of 2,671 units in its global network. Since 1Q24, the Group has added 439 stores to its network, of which 130 units are for the international business segment. Fifty-two net new units were added within the first quarter of 2025, the majority of which were Potato Corner outlets. All in all, the international footprint of SPAVI comprised close to a fifth of the Group’s network as at end March 2025.

Reported same-store sales growth registered a 2% improvement versus the same period last year. However, adjusting for the extra leap year day and earlier Easter holidays in 2024, normalized SSSG clocked in a 4% improvement, supported by product and menu improvement efforts initiated in the prior year. The tail end of the quarter also saw the launch of Shakey’s 50th Anniversary celebration – a year-long program to commemorate the milestone with several campaigns to boost brand patronage and build brand relevance across the varied Shakey’s guest demographics.

Vic Gregorio, SPAVI President and CEO, said, “We’re pleased to start the year with healthy, double-digit growth—reflecting our thrust to expand the footprint both domestically and internationally as well as solid underlying sales performance across our brands. With inflation cooling, an improving macroeconomic backdrop is beginning to emerge, creating a more supportive environment for a company like us to build momentum and drive sustained growth.”

“Our store network expansion is on track, and we expect to pick up the pace in the coming quarters. We are also particularly encouraged by the continued progress of our international business – a new vertical that is shaping up to be a meaningful contributor to our future performance,” he continued.

In terms of profitability, the Group’s gross margin clocked in at 22.0%, softening by 130 basis points from the same period last year, with investments in expansion and renovations partially mitigated by improving commodities. The impact was effectively offset by lower operating expenses as a percentage of sales, which registered a 140-basis point YoY contraction to 13.9%.

Net income after tax registered at P182 million, improving by 6% from a 1Q24 base that benefitted from favorable effective tax rates and lower net interest costs. Nonetheless, SPAVI core operations demonstrated robust profitability, generating P285 million in operating income and growing by 15% YoY.

Gregorio reaffirms SPAVI’s outlook for the year. “While the environment remains dynamic, we believe the Group is well-positioned to stay agile and adapt to shifting market conditions. We continue to aim for double-digit topline and bottomline growth, as we build momentum in the coming quarters. Early signs from the second quarter are promising, thanks to seasonal demand from key occasions and the initial impact of our Golden Anniversary campaign. We also expect to improve profitability as we benefit from better commodities. Store expansion programs are underway and on track to hit at least 430 new stores this year.”

“SPAVI’s portfolio has undergone a major transformation in recent years—from a single-brand operation to a multi-brand, geographically diverse food service group with over 2,600 stores and counting. With this scale comes not only the opportunity, but also the responsibility to create lasting impact. As we pursue strategic investments that will propel our businesses forward, we remain steadfast in our aspiration to grow this business at a compounded double-digit annual growth rate for the next five years and reinforce our market leadership in the categories where we play. This confidence is rooted in our guest-centric ethos—one that drives us to continuously exceed expectations and create memorable experiences for every guest we serve,” he concluded.