Jollibee to open new PHO24 stores starting this year

MANILA, Philippines — Not even the lingering coronavirus pandemic that killed several brick-and-mortar stores can stop Jollibee Foods Corp. from expanding its Vietnamese pho chain brand.

In a statement on Monday, the homegrown fast-food giant said it will open 100 new PHO24 stores in the Philippines, starting with three new branches this year.

The first new store will be open in Pasig City in February to serve PHO24's authentic Vietnamese dishes, with rice noodles soup called "pho" as its signature product.

“We are looking forward to the new store openings of PHO24 this year as part of plans for the long-term strategic growth of the Jollibee Group,” Joseph Tanbuntiong, head of the company's Philippine business group, said.

In the third quarter last year, Jollibee posted a net loss of P1.58 billion, a reversal from P1.67 billion net income recorded in 2019 on the back of 29.2% year-on-year drop in system wide sales. That brought the company's year-to-date losses to P13.54 billion, a turnaround from the preceding year's net profit.

Jollibee has been operating PHO24 in the country since its wholly-owned subsidiary Fresh N’ Famous Foods Inc., which also runs fast-food chain Chowking, acquired the Vietnamese brand in 2018. Amid a revenue drought brought by the coronavirus pandemic, Jollibee said PHO24 is a bright spot for the company. 

Last year, PHO24 managed to launch its own Facebook online ordering platform and expanded its menu despite disruptions caused by the health crisis.

“Aside from the openings, we are also developing the brand’s own delivery platform to cater to the increasing demand and to reach new customers. We will also be launching new products, which we believe will excite our customers and make them crave PHO24 more," Tanbuntiong said.

On Monday, shares in Jollibee opened the week down 0.54% to close at P185.70 each. — Ian Nicolas Cigaral