Jollibee Foods Corporation
Fastfood giant Jollibee Foods Corp. (JFC) is accelerating its local and foreign store expansion next year that will be supported by a record PPH6 billion (USD134.7 million) capital spending, a top company executive said.
“Normally, we would grow the store opening by at least 10 percent. If we open 200 this year, you add 20 stores so it will be 220 (branches next year),” JFC chief financial officer Ysmael Baysa told reporters said.
Fastfood giant Jollibee Foods Corp. (JFC) is increasing its capital spending and branch network by 10 percent annually in the next five years in line with the target of doubling its profits in the long term.
The two-fold surge in net income in the next five-years will be driven by increasing sales of existing branches and new stores here and abroad, an executive said.
“Usually it will be a 10-percent growth every year,” JFC chief finance officer Ysmael V. Baysa said in an interview, when asked about the annual expansion program.
Strong sales in new and existing stores allowed homegrown fastfood giant Jollibee Foods Corp. (JFC) to post significant profit growth in the first semester of the year.
The quickservice restaurant chain is bullish on recording higher full-year earnings despite operational difficulties that prompted the company to close several stores across different brands, its top executive said.
Constraints in the supply chain and sales order due to a new information technology (IT) system have prompted fastfood giant Jollibee Foods Corp. (JFC) to close several stores across its different brands.
JFC aims to restore the availability of all its products to normal levels and re-open stores in the coming days, the company said in a disclosure.
Jollibee Foods Corp. (JFC), the Philippine largest food service company, reported a 24.7 percent jump in net income to PHP1.1 billion (USD25.1 million) in the first quarter of 2014 from the PHP881 million the company had in the same period last year.
In a disclosure to the Philippine Stock Exchange, Jollibee said the profit growth was driven by strong same store sales, both in the Philippines and abroad. Revenues rose 15.2 percent to PHP20.9 billion from PHP18.2 billion in the first quarter of 2013.
Fastfood giant Jollibee Foods Corp. has ramped up its presence in the Middle East with its expansion in the United Arab Emirates.
In a disclosure to the Philippine Stock Exchange, JFC said its wholly-owned unit Golden Plate Pte. Ltd. (GPPL) forged an agreement with Golden Crown Foods LLC (GCFL) to establish a joint venture company that will own and operate Jollibee stores in the UAE.
Both companies will share control and management of the joint venture equally even as GCFL will own 51 percent of the new company.
Fastfood giant Jollibee Foods Corp. (JFC) is eyeing a 12 percent rise in systemwide-sales this year as it accelerates the pace of new store openings in both the local and international markets, a top company official said.
Out of the projected 12 percent growth rate, seven percent is expected to come from store expansion while the remaining five percent will come from same store-sales growth, the executive, who requested anonymity said.
Fastfood giant Jollibee Foods Corp. (JFC) is expanding its footprint in the premium quick service restaurant business in the country.
“We are actually expanding Burger King that is geared for the AB market,” JFC chief financial officer Ysmael Baysa told reporters.
The listed fastfood chain will open 10 to 15 Burger King branches next year, fasttracking its expansion from 10 opened this year, Baysa said. As of end-September, the company had 29 Burger King stores nationwide.
Robust sales in both existing branches and new stores during the third quarter propelled fastfood giant Jollibee Foods Corp.’s profits up 27 percent to PHP3.12 billion (USD73.3 million) in the nine months to September this year.
The homegrown fastfood chain told the local bourse that its net income improved 15.9 percent to PHP1.01 billion (USD23.1 million) in the third quarter.
Fastfood giant Jollibee Foods Corp. (JFC) aims to be the largest homegrown quick service restaurant chain in Asia by 2020. The long-term goal will be supported by continuous store expansions and acquisitions of several more brands abroad, an executive said.
“We hope in the next seven years to achieve being the largest,” JFC chief financial officer Ysmael V. Baysa said in an interview.