Shakey’s Pizza Asia Ventures Inc., the company that owns the pizza parlor brand in the Philippines and in some areas in Asia and the Middle East, said it suffered a net loss of P290 million in the first half, from last year’s income of P389 million.
Sales fell 31 percent as most of its stores during the second quarter that were operational were subjected to shortened hours and limited to delivery and take-out only. Dine-in largely resumed in June, though at limited capacity and is subject to the ongoing review of government-mandated quarantine measures.
The company did not provide top-line figures.
Some 267 Shakey’s and Peri-Peri stores, representing 95 percent of its total store network, were up and running by the end of the quarter, the company said.
“What we are facing today are perhaps the most challenging times. Nonetheless, there remain a number of bright spots, foremost of which is our core product pizza, which is the quintessential delivery and carry-out product,” Vicente Gregorio, the company’s president and CEO, said.
“In addition, our multi-sales channel and multi-store format approach, alongside our industry-leading margins, are giving us the much needed flexibility to weather through this crisis. We are hopeful that the worst is now behind us.”
In the short term, Gregorio said the company’s industry-leading margins, access to credit, strong presence in the home, and market-leading brand will be the key components of its tool kits.
“In spite of continuing lockdowns, we are looking to hit cash break-even in the second half and should be on our way to recovery by 2021. At the same time, we will continue to enhance our existing delivery, digital, and carry-out platforms, and roll-out new and exciting innovations across our various sales channels.”