Jollibee nets P5B in first nine months of 2017
Jollibee Foods Corp. (JFC), which claims to be the largest food service company in Asia, saw its attributable net income increasing by 16.3 percent to P5.11 billion in the first nine months of the year, compared to the P4.39 billion it had in the same period last year, on the back of higher third quarter earnings and system wide sales.
During the first nine months of the year, JFC’s system-wide sales— measure of all sales to consumers both from company-owned and franchised stores— rose by 14.5 percent to P123.38 billion from P107.77 billion in the same period of 2016, while its revenues went up 15 percent to P94.51 billion from P82.19 billion.
For the third quarter alone, the firm’s system wide sales grew by 16.5 percent, while its revenues grew by 17.7 percent.
Supported by the acceleration of store network expansion and continued strong same store sales growth, JFC’s Philippine business alone also improved by 13.3 percent, while sales of its foreign business grew by 24.4 percent (excluding divestments and acquisition) with Southeast Asia (ex-Philippines) growing by 39.1 percent, China 23.4 percent, North America 22.2 percent and the Middle East 21.4 percent.
“The organization opened 265 new stores in the first nine months of the year compared with 201 in the same period last year, a 32 percent improvement,” said JFC Chief Executive Officer Ernesto Tanmantiong in a statement.
“In the Philippines, store expansion grew at 8.2 percent – the highest organic store growth inat least the past five years while same store sales growth remained strong,” he added.