Jollibee losses reach P13B

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    Jollibee Foods Corp. booked losses of P13.54 billion in the first nine months of 2020, a reversal from last year’s P4.18 billion profit.

    Revenues reached P92.73 billion, down 27.1 percent from P127.21 billion last year, on a 26.1- percent drop in system-wide sales at P126.42 billion compared to last year’s P171.07 billion.

    As at Sept. 30, 2020, 93 percent of the group’s outlets but 339 stores were permanently closed: 118 in the Philippines and 221 abroad.

    But 180 new stores were also opened, mostly in the early part of the year following expansion plans started in 2020: 48 in the Philippines and 132 abroad,” it said.

    Jollibee said that as of September, a number of operations were registering positive operating income, except for Smashburger, Coffee Bean & Tea Leaf (US) and parts of SuperFoods Group.

    “Our business is recovering from the pandemic in different parts of the world, some faster than others. This is made possible by the resilience and hard work of our people and business partners, the strength of our brands and in cooperation with the communities and government agencies where we do business. We are now focusing our effort in rebuilding the business in a changed environment,” said Ernesto Tanmantiong, Jollibee chief executive officer.