FAST-FOOD company Jollibee Foods Corp. said its income grew 16 percent during the first half of the year to P4.05 billion, from last year’s P3.48 billion, on higher sales of its stores, including the consolidation of a newly acquired US burger joint.
For the second quarter alone, Jollibee’s income rose 15 percent to P2.25 billion, from last year’s P1.95 billion.
System-wide sales, a measure of all sales to consumers both from company-owned and franchised stores, grew 23 percent to close to P100 billion, from last year’s P81.07 billion.
For the second quarter alone, sales rose 27 percent to P53.93 billion, from last year’s P42.54 billion.
Excluding the impact of the consolidation of Smashburger effective on April 17, system-wide sales grew 18 percent for the second quarter driven by 7.2-percent same-store sales growth, 9-percent growth in store network and 2-percent impact of change in foreign exchange rates.
“JFC’s investments for future growth remained robust. Capital expenditures and acquisition for the first half of 2018 amounted to P8.3 billion, more than double the P4 billion spent during the same period in 2017,” the company said.
For the first half of the year, the company opened 192 stores, with 115 stores in the Philippines and 77 abroad. For the same period last year, Jollibee opened 157 new stores.
Smashburger added 349 stores, or 9 percent to its worldwide store network. In March the company opened its first store in Europe, in Milan, Italy, targetting mostly the Filipino community.
System-wide sales in all regions performed well in the second quarter led by the North America business, which grew almost three times due to the consolidation of Smashburger, it said.
Business in Europe, Middle East and Asia excluding the Philippines, rose 46 percent. Its China business was up by 17 percent and the Philippine business by 16 percent.
System-wide sales of the foreign business accelerated to 71 percent, the company said. Excluding Smashburger, system-wide sales of the foreign business for the second quarter of 2018 grew by 27 percent.
Growth in the Philippine business, which still accounted for 70 percent of Jollibee’s worldwide system-wide sales, was driven by the 8-percent growth of same-store sales and 7.8-percent increase in in-store network. VG Cabuag
“In the Philippines, with the rising inflation rate, the cost of products increased slightly from 52.8 percent in 2017 to 52.9 percent in 2018,” the company said.
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