Jollibee Books P2.5B Profit In Fourth Quarter

Jollibee Foods Corporation (JFC), one of Asia’s largest foodservice companies disclosed today that its operating income for the fourth quarter reached Php2.5 billion, reversing its operating loss for the fourth quarter of 2020 and generating a 63.3% growth over its fourth-quarter 2019 operating profit of Php1.5 billion.

Photo Insert: The company has every reason to be jolly given the Q4 2021 disclosure.

For the year 2021, JFC’s operating income amounted to Php6.3 billion, about the same level in 2019 or pre-pandemic operating income of Php6.5 billion. System-wide sales, a measure of all sales to consumers, both from company-owned and franchised stores increased by 25.2% for the fourth quarter and 20.3% for the year 2021 compared to the same periods last year.

Revenues grew by 22.8% and 18.7% for the fourth quarter and for the year 2021, respectively. Same-store sales of the Philippine business increased by 24.1% in the fourth quarter of 2021 compared to the same quarter last year while the international business grew by 9.6%.

North America increased by +17.0%, Europe/Middle East and other parts of Asia (EMEAA) by +5.0%, and The Coffee Bean & Tea Leaf® (CBTL) by +29.3%.

SuperFoods and the China businesses declined by 23.2% and 8.1%, respectively primarily due to COVID19 related restrictions imposed on some parts of Vietnam and China. Global same-store sales rose by18.4% versus the fourth quarter of 2020.

JFC Chief Executive Officer, Ernesto Tanmantiong said: “JFC’s system-wide sales in its international business in the fourth quarter had equaled the sales in the same period before the outbreak of the pandemic. System-wide sales in the Philippines in the fourth quarter were still 22.6% lower than those in the same period in 2019."

However, despite this, the Philippine business’ operating income in Q4 2021 had already equaled those in 2019’s. We look forward to continuing the strong recovery of the business in 2022 particularly if the restrictions in the Philippines are fully lifted, coupled with increased consumer spending during this election year.

JFC had allotted Php9.0 billion for capital expenditures for new stores in 2022, representing a 50% increase compared with Php6.0 billion spent in 2021. We are prepared to make this level of investment if the economies fully reopen and sales growth remains strong. Beyond 2022, our outlook for business growth is even brighter. We see very strong expansion in different parts of our business particularly those in North America, China, Southeast Asia, and Europe while we expect the Philippines to sustain its healthy profitable growth," he added.

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