Shakey's says Q3 net loss 'better than expected' on improved store sales | ABS-CBN

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Shakey's says Q3 net loss 'better than expected' on improved store sales

Shakey's says Q3 net loss 'better than expected' on improved store sales

ABS-CBN News

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MANILA - Shakey's Pizza Asia Ventures posted a net loss of P172 million in the third quarter, "better than expected" it said as store sales and "off premise" businesses improved following looser restrictions.

Shakey's trimmed its net loss from P281 million in the second quarter as the economy slowly reopened in the months of July to September.
This brought total net loss to P462 million for the first nine months of the year, it said.

Shakey's noted it posted a positive net income in September alone -- the first since the lockdowns started in March and has been seeing a gradual increase in store traffic.

It expects the fourth quarter to have a positive bottomline on continued improvement in demand and higher store traffic, banking on robust spending of the "ber" months.

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"Our recovery rate in the third quarter has been better than expected, mainly driven by the sustained healthy growth of our off-premise business and a marked improvement in dine-in sales,” said Vicente Gregorio, Shakey’s president and CEO.

Shakey's said it successfully rolled out 30 stores of its new milk tea business, R&B milk tea. The company plans to open 100 more stores in the next few months.

Its "off-premise" business includes various offerings such as Park & Order, Park & Dine, 31-Minute Delivery, al-fresco dining, Peri co-branded locations, and a vegetarian pizza for the health-conscious consumer.

The company added it is also looking to expand its smaller store formats, including ghost kitchens and delivery hubs.

Watch more in iWantv or TFC.tv

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