JOLLIBEE FOODS CORP. (JFC) recorded a third-quarter (Q3) attributable net income of P2.43 billion, 13.6% higher than the P2.14 billion from last year, driven by robust overall sales.
“Both our Philippine and international businesses achieved strong operating profit growth reflecting the strength and resilience of our brands in an environment that remains volatile and challenging,” Ernesto Tanmantiong, president and chief executive officer of JFC, told the stock exchange on Monday.
For the third quarter, the company recorded total revenues of P61.71 billion, up by 8.4% from the P56.95 billion last year.
System-wide sales, which measure combined sales to consumers from both company-owned and franchised stores, climbed 11.8% for the July to September period, reaching P86.96 billion from the P77.75 billion previously.
JFC’s international business grew 5.4%, with its North American business increasing 7.5%, China at 2.6%, while its coffee and tea business recorded a 2.7% increase.
“Our strong results for the quarter demonstrated JFC’s continued financial resilience highlighted by our record-high quarterly system-wide sales and operating income,” said Richard Shin, chief financial officer of JFC.
For the first nine months, however, the company’s attributable net income fell to P6.82 billion, 5.8% lower than the P7.24 billion, due to higher expenses for the period.
The company recorded a gross revenue of P178.36 billion for the January to September period, marking a 15.2% increase from the P154.81 billion year on year.
Its combined expenses for the period went up 16.1% to P168.67 billion from the P145.32 billion last year.
Despite posting a lower profit for the period, JFC remains optimistic about ending the year with strong performance mainly due to robust system-wide sales, Mr. Tanmantiong said.
For the nine-month period, JFC posted a 19.1% increase in system-wide sales to P251.09 billion from the P210.88 billion previously.
“While we anticipate continued positive momentum in our business performance, we are maintaining our 2023 growth guidance for revenue (+10% to +15%), same store sales (+7% to +10%), operating income (+20% to +25%) and store network (+5%) as we recognize the ongoing macroeconomic and geopolitical volatility,” he said.
As of end September, JFC’s store network increased by 5.8%, the company said, adding that it opened 429 stores — comprising 325 international stores. Overall JFC operates 6,720 stores globally.
At the stock exchange on Monday, shares in the company shed P2.40 or 1.11% to end at P214 apiece. — Ashley Erika O. Jose
