Local fastfood giant Jollibee Foods Corp. (JFC) said its net income in January to September fell by 1 percent to P7.22 billion from the previous year’s P7.3 billion.
The company said it had one-off gains from land conveyance and sale of other properties of P2.4 billion and P5.3 billion, respectively, last year.
Jollibee CEO Ernesto Tanmantiong said the company still delivered another strong performance in the third quarter with a record-high operating profit of P4.3 billion, increasing by 42 percent year-on-year from a revenue growth of 11 percent.
“This is JFC’s third consecutive quarter of record-high operating income. Both our Philippine and international businesses achieved strong operating profit growth reflecting the strength and resilience of our brands in an environment that remains volatile and challenging,” he said.
Overall system-wide sales for the quarter grew by 11 percent, driven by the robust performance of the Philippine business which posted a 16-percent systemwide sales growth and a 13-percent same-store sales growth.
Systemwide sales is a measure of all sales to consumers, both from company owned and franchised stores.
The international business posted a 5-percent growth in systemwide sales and a 2-percent hike in same-store sales.
“Our Jollibee brand, which has over 1,600 stores globally and accounts for 49 percent of JFC’s system- wide sales grew by 16 percent in the third quarter. JFC opened 429 stores, of which 365 stores are in the international markets,” Tanmantiong said.
“While we anticipate continued positive momentum in our business performance, we are maintaining our 2023 growth guidance for revenue at a growth of 10 to 15 percent, same store sales of 7 percent to 10 percent growth, operating income of 20 to 25 percent growth and store network of 5 percent increase as we recognize the ongoing macroeconomic and geopolitical volatility.”
Company CFO Richard Shin said Jollibee’s strong results for the third quarter demonstrated the company’s continued financial resilience highlighted by its record-high quarterly system-wide sales and operating income.
“While the external environment has not improved, we remain confident in our ability to deliver sustainable growth as we continue to focus on what we can control, invest in line with long-term strategy, prudently manage our expenses, and drive efficiencies in our organization.”
At the end of September, the company’s store network rose by 5 percent compared to a year ago. The company operated 6,720 stores worldwide, with the Philippines at 3,295 and International at 3,425.
