Jollibee Q2 sales climbs 16.9% in Q2
It's China business fueled the Philippine-based company’s international growth.
Philippines-based fast-food giant Jollibee Foods Corporation reported a system-wide sales (SWS) growth of 16.9% in the second quarter of the year, with half-year sales surging 23.3%, according to a filing in the Philippine Stock Exchange.
For the quarter, system-wide sales of the Philippine business grew by 14.5% whilst international business increased by 20.9%, fueled by the China business which posted a growth of 76.9%. SWS of North America and EMEA Philippine brands grew by 15.1% and 16.1%, respectively. SWS of JFC’s coffee and tea business increased by 11%. The Jollibee brand, which has over 1,600 stores globally and accounts for 49% of JFC’s SWS posted a robust growth of 16%.
Global same-store sales (SSS) for the quarter increased by 9% driven by a 6.5% growth in transaction count or volume and a 2.4% growth in average check. Performance across regions/ brands was mixed. The Philippines grew by 11.3% driven by an improvement in volume or transaction count (7.1%) and an increase in average check (3.9%). International SSS% grew by 5%, led by China (35.3%), EMEA Philippine brands (5.1%) and North America (2.6%).
Same-store sales of JFC’s coffee and tea business declined by 1.8%. CBTL was -0.4% due to the high-base effect, particularly for Singapore and Malaysia where coffee sales in Q2 2022 rebounded from pre-pandemic levels driven by the reopening of international borders. Highlands Coffee saw its SSS% fall 7.5% due to weak demand.
“As a result of JFC’s continued strong topline growth and prudent management of expenses, JFC generated an operating profit of Php4.0 billion during the quarter. This represents an increase of 31% compared to the operating profit for the second quarter of 2022 and 11.1% higher compared to the first quarter of 2023. Our operating profit margin for the quarter proved resilient, improving both on year-on year (70 bps) and quarter-on-quarter (10 bps) metrics. JFC’s financial results for the second quarter and first half affirm our confidence in our full-year guidance for 2023,” Ernesto Tanmantiong, CEO of Jollibee Food Corporation said.