It also reported a system-wide sales increase of 19.3% year-on-year to $878.2m, supporting the 18.8% growth in revenue to $664.7m.
According to Inquirer, of its system-wide sales growth rate, global store network expansion accounted for 10% points, same-store sales contributed 7.6% and currency exchange rate changes added 1.7%. The consolidation of Vietnam-based SuperFoods Group contributed 2.8% to the 19.3% sales growth.
JFC chief financial officer Ysmael Baysa said: “Same store sales growth in the Philippines remained strong and better than forecast, reflecting the country’s strong GDP (gross domestic product) growth rate. All key countries: Philippines, China and North America delivered slightly above 8-percent same store sales growth.”
“Operating profit of businesses in the Philippines grew by 18 percent versus the same quarter last year. Gross profit margins were only slightly below year-ago level despite rising inflation rate and cost increases brought by the tax reform and the peso depreciation,” he added.
Do you know more about this story? Contact us anonymously through this link.