JFC wins P2.2B in the first quarter of 2022

A Coffee Bean Tea Leaf branch at Robinsons Ermita. PHOTO BY AARON RONQUILLO

JOLLIBEE Foods Corp. (JFC) on Thursday reported that its first quarter net profit was 4,500% higher than last year, with the company posting 2.2 billion pesos in 2022 and 49 million pesos in 2021. This also includes transfer earnings. of certain lands of the JFC group to CentralHub and sale of other lands for an amount of 1.8 billion pesos.

Meanwhile, its system-wide sales grew 25.5% to P60 billion in the first quarter of 2022, driven by strong same-store sales growth of 16.5% and expansion of the global store network and new acquisitions, which contributed 5.5%. Currency translation added 3.5% to growth.

Its worldwide comparable store sales for the first quarter of 2022 increased by 16.5% compared to the same quarter of 2021, led by The Coffee Bean and Tea Leaf (CBTL) at 23.3%; the activity in the Philippines by 22.9%; North America, 8.1%; and Europe, Middle East and Asia (EMEAA) by 6.2%. Same-store sales for its China business, however, fell 9.1% due to tighter Covid-related restrictions.

Operating profit also rose 33.8% to 2 billion pesos in the first quarter of 2022, driven by accelerating profit growth in the Philippines.

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JFC Managing Director Ernesto Tanmantiong said that despite the challenges posed by the surge of the Omicron variant in some markets where JFC operates and rising raw material and energy prices, their business has done well. performed and even set a new sales record for a first quarter.

JFC’s commercial sales in the Philippines show continued strong growth for off-premises sales. Its delivery sales have accounted for approximately 20% of the Philippine company’s system-wide sales and have increased fivefold since 2019 and its foreign company’s store network for the first quarter of 2022 grew by 20.3% so organic (excluding acquisitions) compared to the first quarter of 2019.

The JFC has 18 brands in 34 countries and opened 107 new stores in the first quarter: 19 in the Philippines; 19 in China; 9 in North America; and 13 in EMEAA. SuperFoods and CBTL opened 19 and 28 stores respectively.

As of March 31, 2022, JFC operated 6,246 stores worldwide: 3,225 in the Philippines and 3,021 internationally: 468 in China; 379 in North America; 310 in the EMEAA region; 538 with SuperFoods mainly in Vietnam; 1062 with CBTL; and 264 with Milksha.

Shares of JFC fell 0.09% to end at P217 apiece on Thursday, with its previous price at P217.20 on Wednesday.

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