Record growth boosts Jollibee Foods’ income 24pc

Philippine-headquartered quick-service restaurant chain Jollibee Foods income jumped 24.6 per cent to 6.14 billion pesos (US$123.26 million) last year, thanks to aggressive store openings.

Jollibee says it opened 340 outlets across nine brands – its biggest expansion in a single year – of which 243 stores were in the Philippines. Including JVs, such as Smashburger in the US and Highlands Coffee in Vietnam, Jollibee opened 468 stores last year.

This pushed system-wide retail sales, derived from franchised and company-owned stores, by 14.1 per cent to 149.14 billion pesos.

Jollibee Foods Philippines CEO Ernesto Tanmantiong says the company is spending 14 billion pesos this year, up from 10.4 billion pesos last year, to open more outlets and expand its commissaries.

Jollibee says its business in China – about half of its overseas interests – has returned to growth, with sales expanding by 6 per cent in the fourth quarter.

Poor sales in China earlier prompted the company to reorganise there. It unloaded its San Pin Wang noodle chain and took over a food-processing company.