Jollibee on track to open 600 new stories in 2023

JOLLIBEE Foods Corp. (JFC) is on track to achieve its target of opening 550-600 new stores in 2023, following the robust growth it experienced in the first quarter of the year.

JFC chief executive officer Ernesto Tanmantiong said the company’s first quarter financial results “reflected continued strong momentum, delivering another quarter of strong topline and operating income growth.”

During the quarter, system-wide sales (SWS) and revenues increased by 31.1 percent and 28.5 percent, respectively, while operating profit grew by an impressive 80.9 percent.

The SWS growth was broad-based, as all brands recorded strong double-digit growth compared to the same period in 2022.

Same-store sales saw a notable increase of 22.4 percent, with the Philippine business growing by 31.6 percent and the international businesses by 8.8 percent.

In comparison to the first quarter of 2019, JFC’s SWS experienced a growth of 44.9 percent. In the past year, JFC opened 111 new stores, expanding its store network by 4.7 percent.

As of the end of March 2023, JFC had operated a total of 6,542 stores worldwide, with 3,281 stores in the Philippines and 3,261 stores in other countries. (KOC)