Jollibee earnings grow 18%
MANILA, Philippines - Jollibee Foods Corp. (JFC) posted higher earnings in the first quarter of the year on robust sales across company-owned and franchised stores locally and abroad.
In a disclosure to the Philippine Stock Exchange, JFC said earnings grew 17.7 percent to P1.4 billion as systemwide sales rose 14.8 percent to P34.3 billion.
“The sales increase was driven by an eight percent same store sales growth on a worldwide basis and store network growth of 6.8 percent. Same store sales growth pertains to restaurants that were already open for at least 15 months. It excludes sales growth from new store opening,” JFC said.
Election-related expense, which boosted consumer spending also helped drive the company’s sales growth.
JFC’s foreign business recorded a 10.5 percent year-on-year system wide sales growth with the US, Southeast Asia and Middle East businesses posting double digit hikes.
The firm’s China business, however, improved by only 1.9 percent on sales pressure from recovering competing brands.
As of the end of March, JFC had 2,493 restaurant outlets in the country and 650 outlets abroad.
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