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Jollibee to spend up to P19 billion, open 600 stores in 2023

Ralf Rivas

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Jollibee to spend up to P19 billion, open 600 stores in 2023

Lisa Marie David/Rappler

Jollibee is aiming to open a record number of stores in 2023, as the food industry recovers despite facing inflation woes

MANILA, Philippines – Jollibee Foods Corporation is set to aggressively open new stores and spend as much as P19 billion in 2023, as its bottom line in 2022 got a boost from economic reopening.

In a stock exchange filing on Thursday, March 16, Jollibee said it is aiming to open as many as 600 stores in 2023, exceeding last year’s all-time high. Jollibee opened 542 stores in 2022, growing its store network by 9.2%, the highest number of stores opened in a single year in its history.

At the height of the pandemic in 2020, it shut down some 486 stores worldwide.

The fast-food chain also aims to grow systemwide sales up to 20% in 2023, while operating income growth is seen to range from 20% to 25%.

These figures are lower than the growth rates registered in 2022. Jollibee’s systemwide sales grew 40.2% to P296.8 billion last year, while operating income increased by 58.4% to P9.9 billion.

Net income attributable to holders of the parent company grew 26.4% to P5.9 billion in 2022.

Despite strong earnings growth for the entire 2022, Jollibee noted “industry-wide headwinds” during the fourth quarter, including pricing actions and “cost management initiatives.”

Jollibee chief executive officer Ernesto Tanmantiong said the company is expecting “macroeconomic challenges to persist in 2023.”

“We are confident that the JFC Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” Tanmantiong said. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.