Retail in Asia

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Philippines’ Jollibee reports USD21m net income in 3Q

The Philippines’ largest food service company, Jollibee Foods Corporation (JFC), reported a net income of PHP881.7 million (USD21.4 million) for the third quarter of 2012, 18.9 percent above the profit generated in the same period last year.

System wide sales also grew by 12.1 percent against sales in the same months in 2011.

JFC said sales growth was broad-based and volume driven resulting from better-value-for-money recognition by consumers on its products and services. Sales of Philippine brands rose by 9.6 percent and those abroad grew by 22.6 percent.

Meanwhile, the China business grew by 26.5 percent, the United States by 12.6 percent and the Southeast Asia and the Middle East region by 24.7 percent. Store network worldwide grew organically by 5.5 percent versus year ago.

In the first nine months of the year, JFC opened 149 new stores — 88 new stores in the Philippines (Jollibee 24, Chowking 11, Greenwich 4, Red Ribbon 6, Mang Inasal 40 and Burger King 3), 61 new restaurants (Yonghe King 42, Hong Zhuang Yuan 2, San Pin Wang 4, Jollibee 10 and Chowking 3).

As of 30 September 2012, it was operating a total of 2,040 stores in the Philippines and 541 stores overseas for a total of2,581 stores worldwide.


(Source: Retail In Asia)