The Manila Times

JFC GAINS P2.2B IN Q1 OF 2022

JOLLIBEE Foods Corp. (JFC) on Thursday reported that its net income in the first quarter is 4,500 percent higher in comparison to last year with the company posting P2.2 billion in 2022 and P49 million during 2021. This also includes gains from the transfer of certain land properties of the JFC Group to CentralHub and sale of other land properties amounting to P1.8 billion.

Meanwhile, its system-wide sales grew by 25.5 percent to P60 billion in the first quarter of 2022 driven by strong same store sales growth of 16.5 percent and global store network expansion and new acquisition, which contributed 5.5 percent. Currency translation added 3.5 percent to the growth.

Its global same store sales for the first quarter of 2022 grew by 16.5 percent compared to the same quarter of 2021, led by The Coffee Bean and Tea Leaf (CBTL) at 23.3 percent; the Philippine business by 22.9 percent; North America, 8.1 percent; and Europe, Middle East and Asia (EMEAA) by 6.2 percent. Its China business’ same store sales, however, declined by 9.1 percent due to heightened Covid-related restrictions.

Operating income has also increased by 33.8 percent to P2 billion in the first quarter of 2022 driven by the acceleration of profit growth in the Philippines.

JFC’s chief executive officer, Ernesto

Tanmantiong said that despite the challenges brought about by the surge in Omicron variant in some markets where JFC operates and the increase in prices of raw materials and energy, their business performed well and even set a new record for sales for a first quarter.

JFC’s Philippine business sales are showing sustained strong growth for off-premise sales. Its delivery sales accounted for around 20 percent of the Philippine business’systemwide sales and have grown five-fold since 2019 and its foreign business’store network for Q1 2022 grew by 20.3 percent organically (excluding acquisitions) compared to the first quarter of 2019.

The JFC has 18 brands in 34 countries and opened 107 new stores in the first quarter: 19 in the Philippines; 19 in China; 9 in North America; and 13 in EMEAA. SuperFoods and CBTL opened 19 and 28 stores, respectively.

At the end of March 31, 2022, JFC was operating 6,246 stores worldwide: 3,225 in the Philippines and 3,021 in international: 468 in China; 379 in North America; 310 in EMEAA; 538 with SuperFoods mainly in Vietnam; 1,062 with CBTL; and 264 with Milksha.

Shares of JFC lost by 0.09 percent to end at P217 each on Thursday, with its previous share price at P217.20 on Wednesday.

Corporate News

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2022-05-13T07:00:00.0000000Z

2022-05-13T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281878711967819

The Manila Times