JFC’s Q1 earnings soar 17.7% to USD 29.94m

Thanks to increased spending during Philippine elections.

With sales boosted by spending relate to the Philippine national elections, Jollibee Foods Corp.’s (JFC) net profit jumped 17.7% YoY to PHP1.4b (roughly USD 29.94m) in the first quarter of 2016.

According to the company’s disclosure to the Philippine Stock Exchange, system-wide sales surged 14.8% to PHP34.34b.

JFC partly attributes the spike in retail sales to same-store sales (stores operating for at least 15 months) of 8%. Retail sales also enjoyed a boost from a 6.8% expansion in store network.

JFC further reports that its China segment—JFC’s largest offshore market—grew at a slower rate of 1.9%. The company states that its flagship brand, Yonghe King, struggled with sales pressure on back of tight competition.

On the flip side, its US business grew 17.4%. Meanwhile, Southeast Asia and Middle East segment expanded 32.2%, with Jollibee Vietnam posting growth of 48.2%.

As at end-March 2016, JFC operated 3,143 restaurants around the globe.