Jollibee targets 500 new stores in 2022

MANILA, Philippines — Jollibee Foods Corp. is targeting to open 500 stores next year, similar to its pre COVID-19 store opening numbers.

“In 2022, we expect to open at least 500 stores, similar to how we were prior to the pandemic and even higher in succeeding years,” said Jollibee Group
president and CEO Ernesto Tanmantiong during the company’s annual stockholders meeting.

Tanmantiong said the Philippine business would account for 50 percent of JFC’s business within the next three years from close to 40 percent at present, consistent with its target to have a 50-50 ratio between Philippine and foreign operations.

He said the company had shown remarkable recovery, starting in the fourth quarter of 2020 and continued its momentum in the first quarter this year.

Tanmantiong expects the business to continue to recover in the months ahead and further grow in 2021 with the opening of 450 stores.

At the end of March, the Jollibee Group generated an operating income of P1.5 billion representing a significant recovery from the operating loss of P1.2 billion in the same period of last year.

“Most of our businesses abroad are reaching sales at pre-pandemic levels. In March 2021, our sales in China, North America, and EMEAA (Europe, Middle East, Asia and Australia) including Vietnam, were already equal to or higher than March 2019 levels,” said Tanmantiong.

The Jollibee Group saw a return to profitability in the fourth quarter with the Philippines, China, North America Philippine Brands, and EMEAA including Vietnam generating recurring profit.

In terms of specific brands, the Coffee Bean & Tea Leaf® (CBTL) is already recovering strongly in Asia, particularly in Singapore and Malaysia where it has company-owned stores.

For this year, the Jollibee Group will invest P12.2 billion to continue its expansion. This is JFC’s highest capex spending in its history.

In 2020, the company’s store network expanded organically with the opening of a total of 338 stores – 81 in the Philippines and 257 abroad.