Jollibee Foods Corp. likely exceed its growth targets for 2023 amid sustained strong performance of major brands in the domestic and overseas markets, a top executive said Tuesday.
Jollibee chief finance officer Richard Shin said in a media briefing the group’s first-half financial results were already above the group’s guidance in terms of system-wide sales, same-store sales and operating income.
“For the rest of the year, we believe that we will not only deliver on our guidance but likely exceed it,” Shin said
System-wide sales in the first six months rose 23 percent, beating the guidance of 15 percent to 20 percent for 2023, while first-half same store sales grew 15.1 percent, exceeding the target of 7 percent to 10 percent.
Operating income in the first six months grew 50.7 percent, compared to 20 percent to 25 percent growth target for the year.
Shin said the group was also on track to meeting its target store opening of 550 to 600 stores in 2023.
He said the Philippine market delivered robust results despite macroeconomic headwinds, while Europe, Vietnam and United States also showed steady positive results.
“The optimism is really coming from seeing month after month of performance from our domestic business and seeing some of our laggards from last year, like Smashburger, turning around,” Shin said.
He said while the China business also reported strong first-half results, current headwinds in China could affect other industries.
Shin said Jollibee remains keen on China given its huge market and potential for growth.
The Jollibee group was operating 6,617 stores, including 3,287 in the Philippines and 3,330 overseas as of end-June 2023.
Jollibee earlier announced plans to bring in Singaporen food and beverage brands Tiong Bahru Bakery and Common Man Coffee Roasters to the Philippines via a P250-million joint venture.
Tiong Bahru Bakery is famous for baked goods and coffee with 16 branches in Singapore, while Common Man Coffee Roasters operates an all-day dining cafe with five stores across Singapore and Malaysia.
.jpg){kind=small}
