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MANILA – Shakey’s Pizza Asia Ventures posted a net loss of P172 million in the third quarter, “better than expected,” he said, as store sales and “off-site” businesses improved after looser restrictions.
Shakey’s cut its net loss of P281 million in the second quarter as the economy slowly reopened in July through September.
This brought the total net loss to P462 million for the first nine months of the year, he said.
Shakey’s noted that it posted positive net income in September only, the first since the closings began in March, and has seen a gradual increase in store traffic.
He expects the fourth quarter to see a positive result in continued improvement in demand and increased store traffic, relying on solid spending over the “ber” months.
“Our recovery rate in the third quarter has been better than expected, primarily driven by the sustained and healthy growth of our off-site business and a marked improvement in dinner sales,” said Vicente Gregorio, President and CEO by Shakey.
Shakey’s said it successfully launched 30 stores from its new milk tea business, R&B milk tea. The company plans to open 100 more stores in the coming months.
Their “off-site” business includes various offerings such as Park & Order, Park & Dine, 31-Minute Delivery, Alfresco Dining, Peri co-branded locations and a vegetarian pizza for the health conscious consumer. .
The company added that it is also looking to expand its smaller store formats, including ghost kitchens and delivery centers.
Shakeys, Shakey’s Pizza Asia Ventures, Shakey’s, Shakeys Q3 Financials, ANC, restaurant, restaurant, casual dining, GCQ, MECQ, ECQ, impact of coronavirus on restaurant industry, COVID-19 pandemic, impact of business closures , GCQ, general community quarantine
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