Jollibee earnings drop in 3 months
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MANILA, Philippines — Asian food conglomerate Jollibee Foods Corp. (JFC) reported a net income of P2 billion in the first quarter of the year, down by 10.6 percent amid continued macro challenges.
On the other hand, operating income jumped 80 percent to P3.6 billion while consolidated revenues rose by 31.1 percent to P79 billion.
JFC chief executive officer Ernesto Tanmantiong said the company’s first quarter financial results reflected continued strong momentum, delivering another quarter of strong topline and operating income growth.
“Our first quarter financial results reflected continued strong momentum, delivering another quarter of strong topline and operating income growth. System wide sales (SWS) and revenues for the quarter rose by 31.1 percent and 28.5 percent, respectively while operating profit grew by 80.9 percent,” Tanmantiong said.
First quarter SWS in the Philippines grew by 36.7 percent and international SWS grew by 23.3 percent, with China growing by 20.7 percent; North America by 20.2 percent; EMEAA by 20 percent; The Coffee Bean and Tea Leaf (CBTL) by 18.7 percent; SuperFoods by 28.5 percent and Milksha by 182.6 percent.
Moving forward, Tanmantiong said the company is on track to achieving its 550 to 600 new store target for 2023.
“We continued to invest in new stores that will help drive sustainable value for our shareholders. We opened 111 stores and grew the store network by 4.7 percent versus prior year,” Tanmantiong said.
“We delivered strong operating profit growth despite continued macro challenges. We remain focused on navigating through these uncertainties and are confident in our ability to deliver another year of strong growth,” he added.
At the end of March 2023, JFC operated 6,542 stores worldwide: Philippines (3,281) and International (3,261).
JFC chief finance officer Richard Shin said the company remains focused on continued improvement in its business fundamentals, which resulted in sustained gross profit margin expansion and significant growth in underlying profit performance.
“We are confident in our ability to execute our strategies and deliver our financial goals for 2023,” he said.
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