Fast-food giant Jollibee Foods Corp. (JFC) on Tuesday said it posted an income of P2.69 billion in January to September, a reversal of the P13.54-billion loss it recorded last year, as sales continued to improve.
The company said its system wide sales, a measure of all sales to consumers, both from company-owned and franchised stores, for the period rose 18 percent to P149.68 billion from the previous P126.42 billion. Revenues rose 17 percent to P108.57 billion from last year’s P92.72 billion.
For the third quarter alone, the company had profits of P1.57 billion, also a turnaround from last year’s P1.58 billion in loss and system-wide sales of P51.38 billion, an increase of 26 percent from last year’s P40.59 billion.
Same store sales in the Philippines went up by 32 percent in the third quarter from last year while international business grew by 12 percent, the company said.
China grew by 3 percent; North America, 19 percent; Europe, Middle East and other parts of Asia, 9 percent; while sales of Coffee Bean and Tea Leaf rose by 20 percent.
SuperFoods, meanwhile, declined by 53 percent primarily due to heightened restrictions imposed in Vietnam to prevent the spread of Covid-19. Worldwide same store sales growth was 23 percent versus the third quarter of 2020, the company said.
Compared with pre-pandemic levels, total system wide sales and revenues in the third quarter were still lower by 10 percent and 14 percent, respectively compared with the third quarter of 2019.
Operating income and attributable net income were also lower by 28 percent and 6 percent, respectively, the company said. Jollibee on Monday declared a cash dividend of P0.89 per share, 31 percent higher than the cash dividend declared last year. This brought the total cash dividend declared in 2021 to P1.67 per share, 28 higher than in 2020.
The company had previously announced that would open 15 to 25 company-owned stores in Luzon, while 3 to 7 seven company-owned stores will be opened in Visayas and Mindanao.
Jollibee is planning to open 40 to 60 company-owned stores next year.
In February, the company announced that it recorded a net loss of P11.49 billion for the entire 2020, a reversal of the P7.3-billion income it posted in 2019. It added that its gains in the fourth quarter allowed it to pare its losses in 2020.
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