Jollibee Foods Corporation's net income dips 14.4% in 2019
The fast food giant recorded a system-wide sales growth of 14.9% to P243.8 bn (US$4.8 bn).
Jollibee Foods Corporation (JFC) saw a P6.3 billion (US$124.6m) net income for 2019, 14.4% lower compared to what it made in the previous financial year.
In a disclosure, the Philippine conglomerate said it saw a nearly 15% jump in system-wide sales growth to P243.8 billion (US$4.8 bn). Revenues were up 11.4% to P179.6 billion (US$3.5 bn), with Coffee Bean and Tea Leaf (CBTL), the fast food giant’s latest acquisition, adding 9.4% to this growth.
JFC acquired CBTL for US$350 million last year. Prior to getting the US-based coffee chain, Jollibee also acquired burger chain Smashburger, which took a bite out of their net income as well.
“2019 was a very tough year for JFC, but the resilience and determination of our people have kept driving the business forward,” CEO Ernesto Tanmantiong said.
“We look forward to a much longer stronger sales and profit performance in 2020 and the years ahead even as we consolidate the financial performance of CBTL into our financial results,” he added.
In 2019, JFC launched 497 stores worldwide. The company eyes to open 600 more stores, about 250 to 300 of which will be in the Philippines.
