Jollibee earnings rise 22% to P3.12 B in Jan-Sept

MANILA, Philippines - Robust sales in both existing branches and new stores during the third quarter propelled fastfood giant Jollibee Foods Corp.’s profits up 27 percent to P3.12 billion in the nine months to September this year.

The homegrown fastfood chain told the local bourse that its net income improved 15.9 percent to P1.01 billion in the third quarter.

The company said it “generated in the third quarter systemwide sales of P25.3 billion, 13 percent higher than the sales in the same period in 2012.” Systemwide sales is a measure of all sales to customers both in company-owned and franchised stores.

Philippine sales rose 10.5 percent in the third quarter while China improved its turnover by 21.9 percent, United States by 15.7 percent, and Southeast Asia and the Middle East by 34.7 percent, with total sales of foreign businesses growing 22.1 percent, JFC said.

“Worldwide same-store sales growth for the quarter was about 8.5 percent versus year ago sustaining the healthy growth rate of previous quarters,” the company said.

Given the latest data, JFC said its net income climbed to P3.12 billion in the January to September period from P2.46 billion last year while systemwide sales rose 12.4 percent to P75.22 billion from P66.91 billion.

In the nine-month period, JFC has opened a total of 137 stores: 93 in the Philippines, 31 in China, five in the US and eight in other parts of the globe.

“The overall impact of Super Typhoon Yolanda on the Jollibee Group is estimated to be manageable,” JFC said, adding that property damage were not significant and were covered by insurance.

As of Nov. 13, there were 23 company- and franchise-owned stores that are not operating due to property damage and supply constraints.