PERF Restaurants Inc., the franchise owner of Burger King in the Philippines, expects a double-digit growth in terms of revenue and net income by end of 2023 as it has seen strong following from young customers.
Without citing exact figures, the head of Burger King Corp.’s Philippine business unit, John G. Velasco, said that their topline and bottomline have so far improved in the first nine months of this year as they continue to heed the market’s clamor.
“The business is actually very good and resonates well with our customers,” he told the BusinessMirror in an interview during the launch of their collaboration with a local streetwear fashion brand during an event in Makati City last Tuesday.
According to Velasco, they continue to enjoy significant growth and sales not only from their moneymaker item but also new product lines.
The executive said the fast-food chain’s “Whopper” product “is still our biggest bestseller, enjoying a substantial portion of our sales.”
“It’s our most iconic product and it still enjoys the most sizable share of our business,” Velasco said adding that “Whopper” sales run between 30 percent and 40 percent in share to overall products sold.
The executive said they also launched a product after seeing a trend in brisk sales of chicken sandwiches and chicken burgers. Velasco said they are also seeing their “Chicken King” product as “enjoying a significant share of our business and very good performance over the past 12 months, especially the past six months, because it’s resonating with our target customers—the Gen Zs and, of course, the Millennials.”
This latest addition to the menu has been gaining a significant share when its three variants—Regular Chicken King, Spicy Chicken King, and BLT (Bacon, Lettuce and Tomato) Chicken King—are combined.
Burger King Philippines continues to see “very good prospects” for the remainder of 2023, Velasco said.
His basis is their marketing campaign via the sale of street-fashion brand “DBTK” merchandise.
“This kind of partnership is helping us hype up our products,” Velasco said. “It also gives us the opportunity to provide platforms for up-and-coming creative local individuals who actually resonate with our own products.”
As part of their expansion plan, he revealed that they will be ending this year with around 130 plus stores from its current 128.
“We’re looking forward to further grow our business in the Philippines as the market recovers and grows further in the years to come,” Velasco said.