Jollibee posts P2.47-B income in Jan-Sept, up 20%
MANILA, Philippines - Homegrown giant Jollibee Foods Corp. posted a P2.47 billion net income in January-to-September period, reflecting a 20.4% increase on the back of expansion and higher sales from local and overseas stores.
In a disclosure to the stock exchange on Wednesday, November 14, Jollibee said overall sales from company-owned and franchised stores went up by 13% in the first 9 months to P66.9 billion.
In the 3rd quarter alone, net income reached P882 million, up 18.9% as systemwide sales grew by 12.1% to P22.4 billion.
“Sales growth was broad-based and volume driven resulting from better-value-for-money recognition by consumers on its products and services,” Jollibee said.
Store network worldwide grew organically by 5.5% from a year ago. Sales of stores overseas posted a healthier growth of 22.6% than Philippine stores, which rose by 9.6%.
Below was the growth performance of the stores in various regions during the 9-month period:
- China business, up 26.5%
- United States, up 12.6%
- Southeast Asia and Middle East, up 24.7%
The decrease in the prices of raw materials, cost improvement projects at its commissaries in the Philippines and greater cost efficiency of restaurants in the Philippines resulted in healthy operating profit growth.
Jollibee opened 149 new stores, of which 88 are in the Philippines and 61 abroad, during the first 9 months.
Jollibee operates the largest food service network in the Philippines. As of September 30, 2012, it was operating a total of 2,040 stores in the Philippines: Jollibee 765, Chowking 383, Greenwich 201, Red Ribbon 209 Mang Inasal 457 and Burger King 25.
In foreign operations, the group had 541 stores: In China, Yonghe King 288, Hong Zhuang Yuan 52, San Pin Wang 39; in the US, Jollibee 27, Red Ribbon 32, Chowking 18, Chow Fun 3; in Southeast Asia and the Middle East, Jollibee 60 and Chowking 22 for a total of 2,581 stores worldwide. - Rappler.com