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Friday, March 29, 2024

Jollibee’s 2018 profit rose 17% to P8.32 billion

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Jollibee Foods Corp., the biggest fast-food chain, posted a net income of P8.32 billion in 2018, up 17.1 percent from P7.1 billion in 2017, after opening a record 502 stores in 2018.

Jollibee said in a disclosure to the stock exchange systemwide sales, a measure of all sales to customers both from company-owned and franchise stores, surged 23.5 percent to P212.1 billion from P171.7 billion in 2017.

Jollibee said it would spend P17.2 billion in 2019, primarily for new stores, renovation of existing outlets and investments in manufacturing plants, to sustain its aggressive expansion plans, 

The 2019 programmed sending is almost double the P9.6-billion actual expenditures in 2018.

Jollibee said sales from restaurants in the Philippines rose 15 percent in 2018, driven by the 8.2-percent contribution from new stores and the 6.9 percent same-store sales growth.

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Sales from overseas stores climbed 55.5 percent, led by North America which soared  161 percent due to the consolidation of Smashburger. Sales from Europe, the Middle East, and Asia also jumped 42.7 percent while the China business increased 9.1 percent.

“The Philippine business performed strongly in 2018 despite rising inflation rate and slowing GDP. Same store sales grew 6.9 percent in 2018 compared with 5.3 percent in 2017 while growing store network by 8.7 percent,” Jollibee chief executive Ernesto Tantamtiong said.

“We opened 502 stores new stores worldwide or a rate of 1.4 stores per day. We continue to pursue our aspiration to become one of the top restaurants in the world,” he added.

Operating income rose 18.4 percent to P7.9 billion.

Of the 502 stores opened in last year, 317 stores are in the Philippines and 185 stores overseas. It also opened in four new countries in 2018, namely Italy, Macau, United Kingdom, and Malaysia.

Jollibee’s net income amounted to P2.2 billion in the fourth quarter, an increase of 11.9 percent from P2 billion year-on-year, while systemwide sales reached P59 billion, up 22 percent.

Jollibee operated 4,521 stores worldwide as of end-2018, up 19 percent from 3,797 outlets at the end of 2017.

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