News: Jollibee Profit Reaches P1.43 B -
17 Aug 2010
FASTFOOD giant Jollibee Foods Corp. grew its first-half net profit by 9.6 percent year-on-year to P1.43 billion as robust consumption spending resulted in higher retail sales.
For the second quarter alone, net profit amounted to P743 million, flat over a year ago, as some foreign exchange losses tempered the favorable impact of a double-digit expansion in retail sales, JFC reported to the Philippine Stock Exchange.
System-wide retail sales, which measure sales booked by all company-owned and franchised stores, grew by 9.5 percent in the first half to P33.91 billion.
The Jollibee group opened a total of 88 stores in the first six months—45 in the Philippines and 43 abroad—mostly in China with 30 new stores.
Domestic sales rose by 9.4 percent while overseas sales increased by 16.8 percent led by China, which surged by 22.5 percent. Overseas sales accounted for 17 percent of the group’s total sales in the second quarter.
Operating income rose by 13.2 percent in the second quarter but the bottom line was flat due to some foreign exchange losses.
As of end-June, JFC had 1,584 stores in the country, of which the flagship Jollibee brand accounted for 700. The rest consisted of Chowking (408), Greenwich (223), Red Ribbon (214), Delifrance (24) and Manong Pepe’s (15). It also has 357 stores abroad.
Source: Philippines Daily Inquirer, by Doris C. Dumlao, 16 August 2010