FOOD SERVICES | Staff Reporter, Philippines

Jollibee's net profit surged 17.3% to $34.4m in Q1

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.

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