Jollibee Q1 profit surges to P1.1-B
MANILA, Philippines – Filipinos' love for Chicken Joy and Yum Burgers helped boost Jollibee Foods Corp.'s net income to more than P1 billion in the first quarter of the year.
Strong sales from its local and international stores pushed Jollibee's profit 25 percent higher to P1.09 billion in the first three months of 2014 from P881 million in the same period last year.
The food service giant said the first quarter of 2014 saw the highest quarterly organic sales growth in five years.
Its system wide retail sales from both company-owned and franchised stores jumped 14.6 percent in the first quarter of this year to P27 billion compared to P23.8 billion in the same period in 2013.
Jollibee’s local business sales posted a 12.3 percent growth while foreign business sales grew by 24.3 percent.
The firm said local sales were strong in all its brands, with double-digit growth rates for Greenwich, Red Ribbon and Mang Inasal.
The same store sales growth in the Philippines was attributed to the increased volume from higher consumer visits.
“There were also slight upward adjustments in selling prices in the first quarter to cover the increase in cost of raw materials,” the company said in a statement.
The Jollibee Group opened 55 new stores in the first quarter of 2014, 42 of which are in the Philippines while 13 are overseas.