Jollibee reports strong growth for coffee business
Its Vietnamese coffee business exceeded 600 stores in 2022.
Jollibee Foods Corporation reported strong growth for its coffee business according to its recent financial report.
In the group’s full-year 2022, the Philippine-based food group reported that it opened 73 new Highlands coffee outlets last year, reaching 605 outlets.
JFC acquired a 50% share in Highlands Coffee in 2012 before taking a controlling interest in 2017.
Meanwhile, JFC also opened 23 new Coffee Bean & Tea Leaf outlets. This comes at after successive years of store closures where CBTL’s global store count of 1,189 in July 2019 dropped to 1,048 in 2021.
Jollibee reported that CBTL system-wide-sales in its international markets surged by 33% in 2022 whilst international same store sales for the coffee chain grew by 15%. JFC did not include individual brand sales contributions in this estimate.
CBTL and Highland’s Coffee are Jollibee’s remaining coffee business after a failed attempt to expand Dunkin’ Donuts in China, forcing the group to closed seven of its Dunkin stores in the country in November 2022.
