Jollibee Foods Corp. registered an P11.5 -billion in loss last year, a reversal from a P7.3 billion profit the prior year.
Revenues amounted to P129.48 billion, down 27.9 percent from 2019’s P179.63 billion.
Systemwide sales stood at P175.97 billion, down 27.8 percent from the prior year’s P243.79 billion.
The company said it continued to make progress in reopening stores that were closed temporarily due to the coronavirus disease pandemic last year.
“As of Dec. 31, 2020, 96 percent of the group’s worldwide outlets were already operating,” the company said.
Jollibee said all regions in the group’s operations generated profit in the fourth quarter — Philippines, China, North America (Philippine brands), Europe, Middle East, Africa and other parts of Asia including Highlands Coffee in Vietnam. Profit for the period was reported at P2.05 billion, down 34.5 percent from P3.13 billion in 2019, reversing the three quarters of losses.
Revenues were at P36.75 billion, down 29.9 percent from P52.42 billion, over system wide sales of P49.55 billion, down 31.9 percent P72.72 billion.
In 2020, four commissaries and a total of 486 stores, of which 262 were covered by the Business Transformation program, were permanently closed. Headcount and operating and general and administrative expenses were significantly reduced. As a result, a total of P2.6 billion in annual savings are now being realized with full impact in 2021 and the years ahead.