Jollibee group Q1 net income climbs to P1.18B

MANILA, Philippines – Fast food giant Jollibee Foods Corporation reported that its net income for the first 3 months of the year grew 10.2% to P1.18 billion ($26.40 million), from P1.07 billion ($2.94 million) recorded in the same period in 2014.               

In a disclosure to the stock exchange, Jollibee said first quarter revenues jumped 10% to P23 billion ($514.65 million) from P20.9 billion ($567.66 million).

System-wide sales, a measure of all sales to consumers, both from company-owned and franchised stores grew by 9.5% in the first quarter of 2015 to P29.9 billion ($669.01 million).

PH, foreign businesses growing

In the first quarter of 2015, system-wide sales of Jollibee’s business grew by 9.9% – 5.3% in store network and about 5% growth in the same store sales.

Sales from foreign businesses grew 8.1% – the US by 11.7%; China by 7.7%; and Southeast Asia and the Middle East by 5%. These growth rates are net of the effect of rate changes. Minus the impact of foreign exchange, sales from restaurants abroad grew 11.1%.

The brands though continued to bear the pressure of higher raw material prices with their impact on operating margins, Jollibee Chief Finance Officer Ysmael Baysa said.

Store openings

Jollibee said it opened 60 stores worldwide in the first quarter of 2015 – 49 in the Philippines and 11 overseas.

This May, the fast food giant opened its first Jollibee store in The Dubai Mall in United Arab Emirates.

As of end-March, the company was operating 2,335 restaurants in the country and 616 stores overseas.

For 2015, Jollibee earmarked P9.1 billion (203.62 million) in capital expenditures, 61.3% higher than the P5.64 billion ($126.21 million) spent in 2014 as it plans to open 330 stores in 2015 – 220 in the Philippines and 110 overseas. (READ: Jollibee to rise in Toronto) – Rappler.com

$1 = P44.69

Toronto, Ontario Canada streetcar image via Shutterstock

Jollibee mascot image from Wikicommons