Jollibee sales hit record

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Jollibee Foods Corp. (JFC) grew its profit by 22.4 percent last year to P8.98 billion from P7.34 billion the prior year.

Revenues rose 15.2 percent to P244.11 billion from P211.9 billion, over systemwide sales (SWS) of P345.32 billion, up 16.3 percent from P296.82 billion.

“Our full year 2023 results reflect the strength of our execution and resiliency of our brands. We achieved an all-time high revenue of P244.1 billion, a 15.2 percent increase year-over-year which translated to a new record operating profit of P14.4 billion, up by 45 percent compared to full year 2022. Year-on-year, we improved gross profit and operating profit margins each by 120 basis points (bps), reinforced by our cost efficiency initiatives and our ability to control non-inventory-related costs,” said Ernesto Tanmantiong, Jollibee chief executive officer.

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Tanmantiong said the company’ systemwide sales which measure sales of all Jollibee-related stores – whether franchised or not – is a record. Same store sales posted 10.6 percent growth.

“The Philippine business, which accounts for 61.0 percent of JFC’s consolidated SWS delivered a 17.6 percent growth in SWS while the international business grew by 14.4 percent. Notably, our Jollibee brand, which has over 1,600 stores globally and accounts for 49.0 percent of JFC’s system-wide sales grew by 18.5 percent in 2023,” he said.

Jollibee opened 658 stores for the period, growing its store network by 6.3 percent to 6,885 stores at year-end – above company guidance of 550 to 600 new stores, he added.

“Looking ahead to 2024 and beyond, we will continue to focus on our priorities. We will scale the business with our four big focus areas: (1) Expand our Jollibee brand internationally; (2) Grow our coffee and tea business; (3) Exponentially grow in China in multiple lower tier cities; and (4) Sustain our strong growth and market leadership in the Philippines,” Tanmantiong said.

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