Jollibee Foods Corporation (JFC) achieved double-digit increases in both sales and profit for the third quarter, mainly driven by its international operations.
System-wide sales for the period grew 13.2 per cent PHP98.48 billion (US$1.68 billion), with international sales up 20.5 per cent, while revenue rose 10.1 per cent to PHP67.73 billion, according to the company’s statement to the stock exchange.
Same-store sales increased 5.7 per cent, including a 6.4 per cent improvement in the Philippines – the company’s home market. The Europe, Middle East, Asia, and Africa (EMEAA) region posted a 10.5 per cent uplift, led by Jollibee Vietnam.
In North America, Jollibee recorded same-store sales growth of approximately 19.5 per cent, while Smashburger decreased 4.5 per cent.
The China business saw a 12.1 per cent decline due to continued weak consumer spending.
On the bottom line, JFC’s operating income increased 11.6 per cent to PHP4.81 billion and attributable net income jumped 15.3 per cent to PHP2.81 billion.
The company noted that the acquisition of South Korea’s Compose Coffee contributed about 11.5 per cent to its international sales growth and PHP500 million to its income.
JFC ended the quarter with a 42.8 per cent increase to its store network, driven by adding 2580 Compose Coffee locations. As of September 30, the company operated 9598 stores, including 3340 domestic stores and 6258 international locations.
Earlier this month, the company took full ownership of Chinese restaurant chain Tim Ho Wan.
Source: Insideretail Asia
