Jollibee reports mix global same-store sales performance in Q3
The Asian fast-food giant reported an operating profit of Php4.3b in the quarter.
Philippine-headquartered Jollibee Foods Corporation reported an 8.8% growth in global same-store sales despite mixed performance across its brands.
The Philippines experienced a robust SSS growth of 13%, whilst international SSS grew by 2.6%, led by specific brands in different regions. However, some brands, such as Highlands Coffee and CBTL, faced challenges with SSS declines due to weak macros in Vietnam and increased competition in the coffee space.
Meanwhile, JFC reported a record-high operating profit of Php4.3b ($77m) for the third quarter, marking a significant year-on-year (YoY) increase of 42.8%. This is the third consecutive quarter of record-high operating income.
Overall system-wide sales for the quarter grew by 11.8%, driven by a strong performance in the Philippine business, which posted a 16.5% system-wide sales growth and a 13% same-store sales growth. The international business also contributed to growth, with a 5.4% increase in system-wide sales.
JFC opened 429 stores in the quarter, with 365 of them in international markets. The company's global footprint now includes 6,720 stores worldwide, with a significant presence in China, North America, EMEA (Europe, the Middle East, and Africa), and other regions.
Our strong results for the quarter demonstrated JFC’s continued financial resilience highlighted by our record-high quarterly system-wide sales and operating income. While the external environment has not improved, we remain confident in our ability to deliver sustainable growth as we continue to focus on what we can control, invest in line with long-term strategy, prudently manage our expenses, and drive efficiencies in our organization,” JFC CFO, Richard Shin said.