Restaurant chain operator Jollibee Foods Corp. said Tuesday net income grew 15 percent in the second quarter to P2.25 billion from a year ago on higher earnings from foreign and local businesses.
The profit brought total earnings to P4.05 billion in the first half, up 16 percent from P3.48 billion in the same period last year.
Jollibee said in a disclosure to the stock exchange that system-wide sales, a measure of all sales to consumers both from company-owned and franchised stores, rose 26.8 percent in the second quarter to P53.93 billion from a year ago, driven by store network growth, continued strong same-store sales growth and the consolidation of US chain Smashburger.
System-wide sales also climbed 23.2 percent in the first half to P99.91 billion.
Philippine brands reported a 15.8-percent growth in system-wide sales in the second quarter from new stores which added 7.8 percent and continued strong same-store sales which grew by 8 percent.
The foreign business reported a 71-percent increase in system-wide sales in the second quarter, with China growing by 17.4 percent; Europe, Middle East and Asia with SuperFoods by 46.1 percent; and North America by 195.6 percent following the consolidation of Smashburger on April 17.
Jollibee said with the consolidation of Smashburger, the group’s foreign business now accounted for 26.8 percent of its global system-wide sales.
Jollibee opened 192 stores in the second quarter, including 115 in the Philippines and 77 stores overseas.
Jollibee had a total of 4,279 stores as of end-June, up nearly 20 percent from a year ago.
Consolidated cost of sales in the second quarter increased 25.1 percent to P32.98 billion.