Jollibee's profit soars 15% to $136.3m
The fast food giant opened 465 stores in 2017.
According to Business Mirror, for the October-to-December quarter alone, its attributable net profit rose by 11.7% to P1.98b ($38m) last year, from P1.78b ($34.2m) in 2016.
JFC’s system-wide sales grew by 16.9% in the fourth quarter compared to sales in the same period of 2016 and by 15.2% for the entire year of 2017, driven by the expansion of store network and strong same store sales. For the entire year, sales of its restaurant chains in the Philippines grew by 13.2%, while those abroad rose by 23.4%.
It ended 2017 with 3,797 stores, higher by 16.7% compared with 2016’s 3,253 stores. JFC had 2,875 restaurant outlets in the Philippines, and was operating 922 stores abroad.
Sales of the foreign business grew by 21.3%, excluding divestments and acquisition, with Southeast Asia, excluding Philippines, growing by 41%; China (18.4%); North America (20.6%); and the Middle East (17.7%).
