Jollibee Foods Corp. grew its first quarter profit to P2.31 billion in the first quarter, up 1,412.3 percent from last year’s P153 million.
Revenues were at P42.86 billion, up 23.6 percent from P34.68 billion, as the group generated a systemwide sales of 59.98 billion, up 25.5 percent from P47.78 billion.
Jollibee said it recorded a same- store sales growth of 16.5 percent.
“Jollibee’s system- wide sales for the first quarter of 2022 includes sales of Milksha, a popular Taiwanese bubble tea brand,” it said.
The food group, through its 100- percent owned unit Jollibee Worldwide Pte.
Ltd. completed the acquisition of 51 percent stake of Milksha from Milkshop International Co. Ltd., in February.
Global same store sales grew 16.5 percent led by The Coffee Bean and Tea Leaf which grew by 23.3 percent. Philippine operation had its same store sales growth at 22.9 percent; North America at 8.1 percent and EMEAA (Europe, Middle East, and Asia) at 6.2 percent.
“The China business’ same store sales declined by 9.1 percent due to heightened COVID-related restrictions imposed on key cities,” Jollibee said.
“Costs are accelerating because of higher inflation and broad- based supply chain challenges. JFC will take the necessary steps to protect its margins including implementing cost improvement and revenue management initiatives,” said Richard Shin, Jollibee chief financial officer.
Jollibee opened 107 new stores for the period: 19 in the Philippines, 19 in China, 9 in North America and 13 in EMEAA. Super Foods and CBTL opened 19 and 28 stores, respectively.
It closed 58 stores: 14 in the Philippines and 44 abroad.
