Restaurant chain operator Jollibee Foods Corp. said Monday net income grew 25.9 percent in the third to P2.03 billion from P1.61 billion a year ago, led by the expansion of its store network and contribution from recent acquisitions.
Jollibee said in a disclosure to the stock exchange system-wide sales, a measure of all sales to consumers, both from company-owned and franchised stores, rose 25.9 percent to P53.26 billion in the third quarter.
“Sales grew strongly in most regions in the world including the Philippines. We are encouraged particularly by the strong performance of Jollibee and Highlands Coffee and the Socialist Republic of Vietnam which have been growing by 35 percent driven by high same-store sales and opening of 73 new stores in the first nine months of the year,” Jollibee chief finance officer Ysmael Baysa said.
Jollibee said net income in the first nine months rose 19.2 percent to P6.08 billion as revenues grew 21.5 percent to P11.4 billion. The company opened 302 new stores in the first nine months, including 177 in the Philippines and 125 overseas.