Jollibee Foods’ new store openings hit a record high in 2016
Jollibee Foods Corp., the country’s largest fast-food chain, reported a 20-percent jump in its net income last year to P6 billion when it opened a record high number of new stores.
In its disclosure to the stock exchange, Jollibee Foods said it opened a total of 340 stores in 2016, the most in a single year in its history. The company opened 243 new stores in the country, 60 in China, seven in the United States, 30 in Southeast Asia and the Middle East. The number excluded new stores from partnerships it has in which it does not have majority such as Highlands Coffee, Pho, 12 Hotpot, and Smashburger. Jollibee Foods’ joint ventures in companies that it does not have majority control reported 225 new store openings last year.
“In 2016, we opened the most number of new stores in JFC’s history,” Jollibee Foods CEO Ernesto Tanmantiong said in a statement.
“We are allotting P14 billion in capital expenditures in 2017, mainly for new store expansion and renovation and commissary investments. We look forward to continued strong profitable growth in the years ahead in the Philippines and abroad,” he added.
Jollibee Foods’ brands include Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, as well as Yonghe King, Hong Zhuang Yuan, and Dunkin Donuts in China,
Jollibee Foods’ revenues totalled P114 billion last year, a 13-percent growth from 2015.