Jollibee earns 16% less in Q2

MANILA, Philippines — Jollibee Foods Corp., the Filipino-owned  food conglomerate, reported a net income of P2.3 billion in the second quarter, down 16.6 percent.

This brought first half income to P4.38 billion, down by 13.9 percent.

On the other hand, system wide sales were up by 16.9 percent to P85.5 billion in the second quarter while first half sales were up by 23.3 percent to P164 billion.

Revenues were likewise up by 16.8 percent in the second quarter to P60.8 billion while first half revenues registered at P115.9 billion, up by 22.1 percent.

JFC chief executive officer Ernesto Tanmantiong said financial results for the second quarter reflected continued strong sales and operating profit growth.

“JFC’s financial results for the second quarter and first half affirm our confidence in our full-year guidance for 2023,” he said.

System-wide sales of the Philippine business grew by 14.5 percent while international business grew by 20.9 percent during the second quarter.

JFC opened 270 stores during the first half, 230 of which are in the international markets.

As a result of JFC’s continued strong topline growth and prudent management of expenses, JFC generated an operating profit of P4 billion during the quarter. This represents an increase of 31 percent compared to the operating profit for the second quarter of 2022 and 11.1 percent higher than the first quarter of 2023, Tanmantiong said.

JFC chief financial officer  Richard Shin said the company delivered another quarter of solid performance, with strong double-digit growth in sales and operating income.

“This demonstrates the strength and resiliency of JFC. We remain focused on improving our margins through strong revenue generation and operational efficiencies and will continue to execute on our strategic priorities, including accelerating the growth and improving the profitability of our international business,” Shin said.

At the end of June 2023, JFC’s store network increased by 5.1 percent compared to the previous year.

At present, the JFC Group operated 6,617 stores worldwide with 3,287 stores in the Philippines and 3,330 stores internationally.

Its brands include Jollibee, Highlands Coffee, Coffee Bean & Tea Leaf, Chowking, Mang Inasal, Red Ribbon, etc.