Shakey’s Pizza Asia Ventures Inc. (SPAVI) is on a sizeable growth trajectory, aiming to launch an impressive 430 new stores this year. Following the first quarter, the company reported a global total of 2,671 stores, buoyed by the addition of 52 outlets primarily under the popular Potato Corner brand.
Since Q1 2024, SPAVI has expanded its footprint with 439 new openings, including 130 international locations, bringing its overseas branches to nearly 20% of its total network. This push means more pizza lovers can enjoy their slices far and wide!
During the first quarter, SPAVI announced a net income after tax of PHP182 million—a tantalizing 6% increase from the previous year. Same-store sales also saw a positive uptick, growing by 2%, or an adjusted 4% considering the leap year and the early Easter holiday in 2024. The company has also rolled out its 50th anniversary campaign, which aims to attract even more customers as they celebrate this milestone.
Looking ahead, SPAVI remains optimistic about reaching its ambitious targets for double-digit revenue and profit growth by 2025. One can almost hear the pizza ovens heating up in anticipation!
What is the total number of stores SPAVI plans to open this year?
SPAVI is poised to open 430 new stores in 2024.
How much was the net income after tax for Q1 2024?
The company reported a net income of PHP182 million for the first quarter.
What percentage of SPAVI’s network is made up of international branches?
International branches now account for nearly 20% of SPAVI’s total store network.
