Homegrown fast-food giant Jollibee Foods Corporation (JFC) swung back to profitability in the first nine months of 2021, and attributed the reversal to its business transformation program aimed at adapting to challenges brought by the COVID-19 pandemic.
In a disclosure to the Philippine Stock Exchange on Tuesday, Jollibee Foods reported an attributable net income of P2.7 billion during the January to September 2021 period, a reversal from the P13.5-billion net loss sustained in the same period last year.
In the third quarter alone, the company recorded net earnings of P1.57 billion, a turnaround from the P1.58-billion net loss recorded year-on-year.
The company attributed its positive financial performance to “significant operating profit improvement of JFC’s Philippine business, resulting from its Business Transformation program.”
Jollibee’s business transformation program, launched in May 2020, includes the permanent closure of 486 non-profitable stores worldwide and four commissaries in the Philippines. It also involves the improvement of operating expenses in the remaining stores and supply chain facilities, and various other cost-saving initiatives.
The company also reported that its revenues grew 24.1% to P108.57 billion in the first nine months of the year from P92.729 billion in the same period in 2020 on the back of 26.6% growth in system wide sales—a measure of all sales to consumers both from company-owned and franchised stores—to P149.7 billion.
The company also opened 249 new stores in the first nine months of the year, of which 47 are in the Philippines, 67 in China, 29 in North America and 15 in Europe, the Middle East and Africa.
Jollibee’s total store network reached 5,853 outlets as of September 30, 2021, of which 3,202 were in the Philippines and 2,651 were abroad.
Its largest brands in terms of number of restaurant outlets are Jollibee with 1,501, The Coffee Bean & Tea Leaf with 1,047, Chowking with 608, Mang Inasal with 584, Red Ribbon with 538, Highlands Coffee with 474, Yonghe King with 373, Greenwich with 270, and Smashburger with 241. — BM, GMA News
Jollibee flips back to profitability, nets P2.7 billion in first 9 months of 2021
Source: News Panda Philippines
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