Jollibee sees profit jumping by 17.3% to P1.8-B
Homegrown fast-food giant Jollibee Foods Corp. (JFC) has booked P1.8 billion in its net income during the first quarter of the year, an improvement of 17.3 percent year on year, as it saw its system-wide sales growing by nearly 20 percent.
To be specific, JFC’s system-wide sales grew by 19.3 percent year-on-year to P45.98 billion.
This supporded the firm’s revenue, which grew by 18.8 percent to end at P34.8 billion.
Of its system-wide sales growth rate — which pertains to restaurants that have been open for at least 15 months — JFC said global store network expansion accounted for 10 percentage points, while same-store sales contributed 7.6 percentage.
During the period, the consolidation of Vietnam-based SuperFoods Group also contributed 2.8 percentage to the 19.3-percent sales growth, based on an Inquirer report.
“Same store sales growth in the Philippines remained strong and better than forecast, reflecting the country’s strong GDP (gross domestic product) growth rate. All key countries: Philippines, China and North America delivered slightly above 8-percent same store sales growth,” JFC chief financial officer Ysmael Baysa said.
“Operating profit of businesses in the Philippines grew by 18 percent versus the same quarter last year. Gross profit margins were only slightly below year-ago level despite rising inflation rate and cost increases brought by the tax reform and the peso depreciation,” he added.