Jollibee Foods Corporation gears up to open 600 stores this year


By Inside Retail Asia

Philippine multinational food-chain operator Jollibee Foods Corporation (JFC) is planning to open up to 600 stores this year.

The company also projects full-year sales to surge by between 15 and 20 per cent and a store network increase of not less than 5 per cent.

The group reported 38 per cent year-on-year growth in revenue for FY22, reaching 211.9 billion Philippine pesos (US$3.8 billion) with EBITA up 32 per cent to 31.2 billion Philippine pesos ($569 million).

Ernesto Tanmantiong, CEO of JFC, said the last year’s double-digit sales growth was driven by a 27 per cent same-store sales increase, 6.1 per cent from new stores, the impact of the Milksha acquisition, and 5.2 per cent contributed by foreign currency translation gain.

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