JOLLIBEE Foods Corp. (JFC) is planning to expand the footprint of its flagship brand in Southeast Asia, even as the group reported an 8.1% decline in first-quarter (Q1) net income to P2.41 billion due to higher non-operating expenses.
In a statement on Tuesday, JFC said the Jollibee brand will continue growing its store network in Southeast Asia as part of its five-year strategy to triple attributable net income.
Systemwide sales from Jollibee’s operations in Southeast Asia — excluding the Philippines — rose by 27.8% in the first quarter. The brand operates in Vietnam, Malaysia, Singapore, and Brunei.
Last year, the brand opened 51 new stores in the region, including its 200th outlet in Vietnam.
“Our continued strong growth across our international markets, particularly Southeast Asia, is a testament to the hard work of our team and commitment to our five-year strategy of tripling attributable net income,” Jollibee Group Chief Executive Officer and Global President Ernesto Tanmantiong said.
Jollibee continues to see strong demand across Southeast Asian markets, particularly for its Chickenjoy fried chicken and Spicy Chickenjoy in Singapore and Malaysia.
The brand has also introduced regional menu items such as Chili Chicken in Vietnam and Spicy Spaghetti in Malaysia.
“Our commitment to delivering superior taste has fueled our growth in Southeast Asia, and we’re grateful to have passionate franchisees and partners who share in this mission,” Jollibee Europe, Middle East, Asia, and Australia President Dennis M. Flores said.
The group is also seeking new franchisees in untapped Southeast Asian markets.
As of end-March, JFC operated 9,935 stores globally — 3,393 in the Philippines and 6,542 overseas.
Its international store network includes 560 stores in China, 361 in North America, 393 in Europe, the Middle East, and Africa, 865 with Highlands Coffee, 1,246 with The Coffee Bean and Tea Leaf, 340 with Milksha, 2,700 with Compose Coffee, and 77 with Tim Ho Wan.
JFC shares rose by 0.83% or P2 to close at P242 apiece on Tuesday. — Revin Mikhael D. Ochave
