Restaurant chain operator Jollibee Foods Corp. said Tuesday third-quarter net income reached P1.57 billion, a reversal from the P1.58-billion net loss it booked in the same period last year as both domestic and international businesses recovered from the impact of the pandemic.
The company said that system-wide sales, a measure of all sales to consumers both from company-owned and franchised stores, climbed 26.6 percent in the third quarter to P51.38 billion.
Same-store sales in the Philippine business increased 32.4 percent in the third quarter from a year ago, while the international business grew 12.4 percent.
Compared to 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 than in the third quarter of 2019.
Sales in China grew by 2.9 percent, North America by 19.6 percent, Europe, Middle East and other parts of Asia by 8.8 percent and The Coffee Bean & Tea Leaf by 20 percent.
Jollibee said nine-month net income reached P2.7 billion, a turnaround from the P13.54-billion net loss as system-wide sales jumped 18.4 percent to P149.68 billion.
Jollibee opened 249 new stores in the first nine months, including 47 in the Philippines, 67 in China, 29 in North America and 15 in EMEAA.
SuperFoods and CBTL opened 48 and 43 stores, respectively.
The company, however, closed 221 stores in the third quarter, including 63 in the Philippines and 158 abroad.
It said that by end-September, the group had a store network of 5,853 outlets, including 3,202 in the Philippines and 2,651 overseas.
Jollibee raised P12 billion from maiden offering of preferred shares in October. Net proceeds from the offering will be used to redeem US dollar-denominated debts and fund store expansion.
It also sealed several deals in October including a franchise agreement for the operation and expansion of Japan’ fast food chain Yoshinoya brand in the country and the acquisition of a majority stake in the company that owns a popular Taiwanese bubble tea brand.
