Jollibee reverts to P2.7 billion profit

MANILA, Philippines — Asian food conglomerate Jollibee Foods Corp. (JFC) reported a net income of P2.7 billion in the nine months to September, reversing the P13.544 billion loss incurred a year ago.

Third quarter net income reached P1.571 billion, also a reversal of the P1.58 billion net loss a year ago.

This was on the back of system wide sales of P149.685 billion during the nine-month period, up 18.4 percent from the P126.422 billion recorded a year ago.

In the third quarter alone, sales grew to P51.386 billion, up 26.6 percent from P40.593 billion last year.

Revenue grew to P108.571 billion during the nine-month period, 17.1 percent higher than the P92.729 billion recorded a year ago as third quarter revenue rose by 24.1 percent to P37.201 billion.

Same store sales in the Philippine business increased by 32.4 percent in the third quarter compared to the same quarter last year, while the international business grew by 12.4 percent.

In terms of territory, China grew by 2.9 percent, while North America by 19.6 percent.

Europe/Middle East/other parts of Asia grew by 8.8 percent.

The Coffee Bean & Tea Leaf® (CBTL) grew by 20 percent, while SuperFoods declined by 53.1 percent primarily due to heightened restrictions imposed in Vietnam to prevent the spread of COVID-19.

Worldwide same store sales growth was 23.6 percent versus the third quarter of 2020.

During the nine-month period, the JFC Group opened 249 new stores, including 67 in China, 47 in the Philippines, and 29 in North America, and 15 in EMEAA.

SuperFoods and CBTL opened 48 and 43 stores, respectively.

On the other hand, JFC permanently closed 221 stores during the quarter, of which 63 were in the Philippines and 158 in different locations abroad.

But JFC’s global expansion continued with new stores in Madrid, Spain at Puerta del Sol, Calle Arenal.

Jollibee Madrid is the brand’s largest restaurant in Europe, with a capacity for 200 diners. There were other openings in Europe, Canada and the US.

JFC is one of Asia’s largest food service companies, with 17 brands operating in 34 countries.

Its total store network reached 5,853 outlets as of Sept. 30, of which 3,202 were in the Philippines and 2,651 were abroad.

Its largest brands in terms of number of restaurant outlets are Jollibee with 1,501, CBTL with 1,047, Chowking with 608, Mang Inasal with 584, Red Ribbon 538, Highlands Coffee with 474, Yonghe King 373, Greenwich 270 and Smashburger 241.