Shakey’s Pizza Asia Ventures, Inc. (SPAVI) grew its earnings by seven percent in the second quarter of 2018, as higher prices of raw materials tempered the double-digit increase in sales.
In a regulatory filing, the listed casual restaurant operator reported a net income of Php212.41 million in the April to June period of 2018, higher than the Php198.52 million it generated in the same period a year ago.
This followed a 16% increase in systemwide sales – which measures sales from both company-owned and franchised stores – to Php2.4 billion during the period. Second quarter revenues meanwhile, picked up 12% to Php1.92 billion.
Same-store sales growth (SSSG) stood at nine percent for the three-month period, higher than the two percent increase seen in the same period in 2017.
This pushed SPAVI’s net income seven percent higher to Php396 million in the six months ending June, against the Php371 million it realized in the same period a year ago, following a nine percent uptick in revenues to Php3.69 billion.
Systemwide sales climbed 13% to Php4.6 billion, as same-store sales grew by five percent during the first semester. The SSSG for the six-month period matches the high end of SPAVI’s full-year SSSG target growth of 3-5%.