Shakey’s Pizza Asia Ventures, Inc. (SPAVI), one of the Philippines’ leading multi-brand food service groups, kicked off 2025 with a strong performance, reporting a 17% year-on-year (YoY) increase in systemwide sales for the first quarter. The growth was driven by robust performance across all brands, both in the domestic and international markets, supported by sustained same-store sales growth and aggressive global network expansion.
SPAVI’s consolidated revenues grew by 14% YoY to Php 3.5 billion, closely tracking its systemwide sales trajectory.
The Company’s diverse portfolio includes Shakey’s, the Philippines’ top full-service restaurant chain now celebrating its 50th year in the country; Peri-Peri Charcoal Chicken & Sauce Bar, a rising player in the roasted chicken space; and Potato Corner, the country’s leading food kiosk brand with a growing presence overseas.
As of the end of March 2025, SPAVI’s global network reached 2,671 stores—up by 439 units from the previous year. The first quarter alone saw the addition of 52 net new stores, with the majority being Potato Corner outlets. Notably, international stores now make up nearly 20% of SPAVI’s total network, underscoring the Group’s ongoing success in building a truly global footprint.
Same-store sales growth (SSSG) registered a 2% YoY improvement, which normalizes to 4% when adjusting for the leap year and early Easter holidays in 2024. This growth reflects the impact of product and menu innovation efforts rolled out in the previous year. The quarter also marked the beginning of Shakey’s 50th Anniversary celebrations—a year-long campaign aimed at deepening brand engagement and loyalty.
“We’re pleased to start the year with healthy, double-digit growth—reflecting our thrust to expand the footprint both domestically and internationally as well as solid underlying sales performance across our brands,” said SPAVI President and CEO Vic Gregorio. “With inflation cooling, an improving macroeconomic backdrop is beginning to emerge, creating a more supportive environment for a company like us to build momentum and drive sustained growth.”
Gregorio emphasized the continued progress of SPAVI’s international business: “Our store network expansion is on track, and we expect to pick up the pace in the coming quarters. We are also particularly encouraged by the continued progress of our international business – a new vertical that is shaping up to be a meaningful contributor to our future performance.”
On profitability, SPAVI reported a gross margin of 22.0%, a slight decline of 130 basis points year-on-year, largely due to investments in store expansion and renovation. This was effectively offset by improved cost discipline, with operating expenses as a percentage of sales declining by 140 basis points to 13.9%.
Net income after tax rose by 6% YoY to Php 182 million, despite a strong prior-year base, while operating income grew by 15% YoY to Php 285 million—reflecting the underlying strength of SPAVI’s core operations.
Looking ahead, Gregorio reaffirmed SPAVI’s positive outlook for the rest of the year. “While the environment remains dynamic, we believe the Group is well-positioned to stay agile and adapt to shifting market conditions. We continue to aim for double-digit topline and bottomline growth, as we build momentum in the coming quarters.”
“SPAVI’s portfolio has undergone a major transformation—from a single-brand operation to a multi-brand, geographically diverse food service group with over 2,600 stores and counting. With this scale comes not only the opportunity, but also the responsibility to create lasting impact,” Gregorio concluded. “As we pursue strategic investments that will propel our businesses forward, we remain steadfast in our aspiration to grow this business at a compounded double-digit annual growth rate for the next five years and reinforce our market leadership in the categories where we play.”
