Retail in Asia

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Philippines’ Jollibee earnings surge 29pc

Higher same-store sales and new branches allowed fastfood giant Jollibee Foods Corp. (JFC) to jack up its earnings in the first quarter. In a regulatory filing, JFC said its net income grew 29 percent to PHP881 million (USD21.3 million) from PHP682 million (USD16.5 million) a year ago.

Its continuous network expansion amid increasing demand will allow the country’s largest fastfood chain to post healthy sales growth this year, the company’s top official said.

“In the Philippines, practically all same-store sales growth came from increased volume from higher consumer visits,” said JFC CEO Tony Tan Caktiong.

 

(Source: philstar.com)