MANILA, Philippines – Fastfood giant Jollibee Foods Corporation (JFC) on Friday, February 14 reported that its 2013 earnings grew at their fastest rate in 7 years on the back of aggressive store expansion.
In a disclosure to the Philippine Stock Exchange, JFC said its net income last year jumped 24.5% to P4.64 billion.
System-wide sales, a measure of all sales by both company-owned and franchised stores, went up 12.8% year-on-year to P104.08 billion.
In the 4th quarter of 2013, Jollibee’s net income reached P1.51 billion, up 20.3%, with system-wide sales rising 13.9% to P28.86 billion.
“We opened a total of 98 new stores in the fourth quarter of 2013, the highest number of new stores opened in one quarter in JFC’s 35-year history. The company increased its sales by 12.8%, the highest organic sales growth in 6 years, enabling JFC to breach the P100-billion mark sales for the first time. We grew profit by 24.5%, the fastest growth rate in 7 years,” JFC chief operating officer and chief executive officer Ernesto Tanmantiong said.
For this year, the fastfood giant will spend P6.3 billion for new stores and the renovation of existing stores.
The company opened 235 stores here and abroad in 2013 to end the year with a total of 2,764 stores.
JFC owns the brands Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, and Burger King. – Rappler.com