1 view

Jollibee Foods Corporation swings back to profitability in Q1

Sales from the Philippine business declined due to continued restrictions.

Jollibee Foods Corporation (JFC) was back in the black in the first quarter of the year after posting an PHP 49 million (approx. US$1.02 million) net income, reversing a PHP 1.95 billion net loss year-on-year.

Operating income was at PHP 1.5 billion in the said quarter, despite a decline in system-wide sales to PHP 47.48 million.

Sales from the Philippine business declined by 21.3%, attributed to continued restrictions to control the COVID 19 pandemic in Metro Manila and nearby provinces.

The conglomerate’s international business slightly increased by 1.3%, primarily due to a 47.8% same store sales jump in China and 14.3% in North America.

"Our profit and cash flows recovered strongly versus a year ago, reflecting the successful execution of our business transformation program. Practically every cost item in our company, from stores to commissaries to support group offices, decreased far more than our sales decline," Jollibee chief executive officer Ernesto Tanmantiong said in a disclosure to the local stock exchange.

486 stores were permanently closed as a result of the said program. Selling price adjustments were also implemented in the fourth quarter of 2020 and the first quarter of 2021 to partly offset rising inflation.

As of 31 March, JFC is operating 5,827 stores worldwide, 3,218 of which are in the Philippines. These include their namesake chicken brand, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, PHO24, and Panda Express.

Internationally, it operates Yonghe King, Hong Zhuang Yuan, Dunkin' Donuts, Tim Ho Wan, Highlands Coffee, SuperFoods, CBTL, Smashburger, and Hard Rock Cafe.

Get QSRMedia Asia in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The country’s health ministry said the government will review the measures in two weeks.
The upcoming opening will also be the brand’s Southeast Asian debut.
The commemorative store is located on Des Voeux Road in Central.
A portion of the profits from this collection will support healthcare workers who are impacted by COVID-19 through the Thai Red Cross Society.
The fast food conglomerate partnered with DoubleDragon Properties Corporation.
Deliveroo customers will be the first to avail of the item
Restaurants' sales were up 89.5%.
The group said take-out sales and government subsidies helped.
Delivery Hero has been trying to sell Yogiyo in order to acquire Woowa Brothers.
The outlet features a 168-seater space with 9 food stalls. 
There are currently 16 Shacks open in the market.