2021 has been a year of strong progress for Asian fastfood giant Jollibee Foods Corp.

Bouncing back from a loss in 2020, JFC reported a net income of P2.7 billion in the first nine months of the year, marking its third consecutive quarter of growth.

This is a big turnaround from the P13.5 billion loss JFC incurred in January to September last year as consolidated revenues climbed 17.1 percent to P108.6 million.

The bounce back for JFC restaurant brands was strong that system wide sales, a measure of all sales to consumers, both from company-owned and franchised stores, increased by 18.4 percent to P149.6 million as mobility restrictions eased.

In the third quarter alone, JFC posted a net income of P1.57 billion, reversing the P1.58 billion loss reported in the same period a year ago on the back of a 24.1 percent jump in revenues to P37.2 billion. System wide sales jumped by 26.6 percent to P51.38 billion, helped by the group’s business transformation program.

Same store sales in the Philippine business climbed by 32.4 percent in the third quarter while the international business expanded by 12.4 percent. China grew by 2.9 percent, North America by 19.6 percent, Europe/Middle East/other parts of Asia by 8.8 percent and The Coffee Bean & Tea Leaf® (CBTL) by 20 percent.

SuperFoods plunged by 53.1 percent primarily due to heightened restrictions imposed in Vietnam to prevent the spread of COVID-19.

Worldwide same store sales growth was 23.6 percent versus the third quarter of 2020.

Compared with pre-pandemic levels, total system wide sales and revenues in the third quarter were still lower by 10.4 percent and 13.8 percent, respectively.

The JFC Group opened 249 new stores in the first nine months: 47 in the Philippines, 67 in China, 29 in North America and 15 in EMEAA. SuperFoods and CBTL opened 48 and 43 stores, respectively.

This brings the fastfood giant’s network to 5,853 outlets as of end-September, of which 3,202 were in the Philippines and 2,651 were abroad.

The post Jollibee keeps growth momentum rolling, posts P2.7B profit in 9 months first appeared on Bilyonaryo Business News.



Jollibee keeps growth momentum rolling, posts P2.7B profit in 9 months
Source: Filipino Daily Inquirer