Jollibee Foods Corp. is beefing up its 2023 capital expenditures to P19 billion as it plans to open 600 stores here and abroad.
JFC’s aggressive spending plan comes amid a strong performance in 2022 when net income reached P7.55 billion, up 26.4 percent from P5.98 billion in 2021.
Consolidated sales went up 38 percent year-on-year to P211.9 billion from P153.57 billion despite the high-inflation environment.
The company reported a 40.2-percent increase in system-wide sales―a measure of all sales to consumers, both from company-owned and franchised stores.
Jollibee said in a stock exchange filing Thursday the increase in system-wide sales and revenues was driven by strong same-store sales growth amid the easing restrictions in various markets where it operates, menu price adjustments and global store network expansion.
Same-store sales of the Philippine business increased 40.6 percent year-on-year. International business also grew by 7.7 percent, with sales from North America rising by 7.1 percent and Europe/Middle East and other parts of Asia by 10.2 percent. Jenniffer B. Austria