Jollibee Foods targets 10,000 global restaurants this year
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The Philippines-headquartered restaurant group Jollibee Foods plans to have 10,000 eateries globally this year, with a focus on North America.
The company, known for its fried chicken Jollibee chain, eyes to invest PHP18-21 billion (US$312-364 million) to open up to 800 new stores this year.
Last year it had 9,766 outlets.
“We’re not in all 50 states [in the U.S.]. We’re in only maybe 15 states,” Richard Shin, the company’s chief financial and risk officer, told reporters on Tuesday, as reported by Nikkei Asia.
Jollibee launched its first U.S. location in California in 1998, and expanded its presence in the country and Canada to 103 by the end of last year. It also has 266 stores under other brands in North America.
The company plans to use the franchising model to launch more regional stores.
In 2024, Jollibee’s net profit rose 17.7% to PHP10.3 billion, driven by double-digit revenue growth from new stores and acquisitions. The company forecasts 8% to 12% growth in system-wide sales for 2025 – covering both company-owned and franchised locations – and targets up to 8% growth in its store network.
Jollibee has also pursued an aggressive acquisition strategy, recently purchasing South Korea’s Compose Coffee, fully acquiring Hong Kong’s Tim Ho Wan, and adding Taiwan’s Moon Moon to its portfolio.
It also holds stakes in China’s Yonghe King and U.S. brands Smashburger and The Coffee Bean & Tea Leaf.
Questions & Answers
Q.What is Jollibee Foods' primary goal for its global restaurant count this year?
What is Jollibee Foods' primary goal for its global restaurant count this year?
Jollibee Foods aims to have 10,000 eateries worldwide by the end of this year. They are focusing their expansion efforts particularly on North America to achieve this target.
Q.How many new stores does Jollibee Foods plan to open this year, and what is the estimated investment?
How many new stores does Jollibee Foods plan to open this year, and what is the estimated investment?
The company intends to open up to 800 new stores this year. This expansion is projected to require an investment ranging from PHP18 billion to PHP21 billion, which is equivalent to US$312-364 million.
Q.What was the growth in Jollibee's net profit in 2024, and what were the main drivers?
What was the growth in Jollibee's net profit in 2024, and what were the main drivers?
Jollibee's net profit increased by 17.7% to PHP10.3 billion in 2024. This growth was primarily driven by double-digit revenue increases from both new stores and strategic acquisitions made by the company.
Q.Which specific brands has Jollibee Foods recently acquired or invested in as part of its expansion strategy?
Which specific brands has Jollibee Foods recently acquired or invested in as part of its expansion strategy?
Jollibee Foods has recently acquired South Korea's Compose Coffee and fully purchased Hong Kong's Tim Ho Wan. They also added Taiwan's Moon Moon to their portfolio, and hold stakes in Yonghe King and U.S. Brands Smashburger and The Coffee Bean & Tea Leaf.
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