Jollibee profit down 25%

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    Jollibee Foods Corp. said profit for the first nine months of the year amounted to P4.53 billion, down 25.5 percent from P6.08 billion last year.

    Revenues went up 9.1 percent to P127.21 billion from P116.64 billion.

    The company said system-wide sales, which measure the sales from both company-owned and franchised Jollibee stores, grew 11.7 percent to P171.07 billion, from P153.18 billion last year.

    For the third quarter alone, profit stood at P1.87 billion, down 7.9 percent from P2.04 billion last year.

    Global same store sales grew by 2.5 percent while restaurant expansion contributed 6.6 percent, partly offset by the negative impact of changes in currency exchange rates.

    Sales from the Philippine business grew by 10.8 percent, sustaining the growth in the second quarter of 2019. Same store sales grew by 3.3 percent (3.7 percent if excluding Red Ribbon) and new stores contributed 7.5 percent.

    Jollibee said profit for the third quarter included an extraordinary gain of P1.3 billion from the purchase of The Coffee Bean and Tea Leaf brand, completed last September.

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