Jollibee profits up 15% as overseas stores thrive
MANILA, Philippines - Earnings of Jollibee Foods Corp. rose 15.1% to P3.721 billion last year from P3.232 billion in 2011 due to strong sales and additional stores.
In a disclosure, the firm said its system wide retail sales went up 12.3% to P92.271 billion in 2012 from P82.170 billion.
"[This was] driven by strong same store sales and by the expansion of store network," JFC said.
In particular, store sales in China grew fastest at 27.1%, while those in Southeast Asia and the Middle East jumped 23.8%, Tony Tan Caktiong, JFC chairman and chief executive officer, said in the statement.
Revenues from stores in the Philippines rose 10.3%, while sales in the United States went up 9.2%.
"Our efforts in strengthening the brands, improving the products and increasing the value to consumers are delivering strong results. As JFC celebrates its 35th year in 2013, we look forward to continued strong sales and profit growth this year and in the years ahead," Tan Caktiong said.
The firm opened a total of 223 new stores in 2012--135 in the Philippines and 88 abroad.
For the fourth quarter alone, JFC's net income attributable to equity holders of the parent company climbed 5.9% to P1.245 billion from P1.176 billion in the previous years. This was driven by a 10.4% rise in system wide retail sales to P25.353 billion from P22. 971 billion.
The group's stores include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.
Aside from the Jollibee foodchain, stores abroad include Yonghe King, Hong Zhuang Yuan, San Pin Wang, Red Ribbon, Chowking, and Chow Fun.