Jollibee Breaks Records With All-Time High 2023 Revenue

Jollibee Foods Corporation (JFC) disclosed to the Philippine Stock Exchange (PSE) that it achieved an all-time high revenue of Php244.1 billion in 2023.

To support its global expansion, JFC plans to ramp up franchising efforts and accelerate digital transformation to align with global Quick Service Restaurant (QSR) leaders. I Photo: Jollibee Facebook

CEO Ernesto Tanmantiong attributed this success to the company's strong execution and brand resilience.

The revenue marked a significant 15.2% increase compared to the previous year, resulting in a record operating profit of Php14.4 billion, up by 45.0%. Furthermore, JFC capped off 2023 with a new system-wide sales (SWS) record of Php345.3 billion, representing a 16.3% growth from the previous year.

Tanmantiong outlined four major focus areas for JFC in 2024 and beyond: expanding the Jollibee brand internationally, growing the coffee and tea business, expanding significantly in China's lower-tier cities, and sustaining growth and market leadership in the Philippines.

To support its global expansion, JFC plans to ramp up franchising efforts and accelerate digital transformation to align with global Quick Service Restaurant (QSR) leaders.

CFO Richard Shin provided insights into JFC's store network, revealing a 6.3% increase compared to the previous year. JFC operated 6,885 stores worldwide, with the Philippines accounting for 3,339 stores and the international market for 3,546 stores.

Notably, Jollibee ranked as the second fastest-growing restaurant brand globally and experienced a 51% surge in brand value, according to Brand Finance's annual brand ranking report.

This propelled Jollibee from rank 20 to rank 17 in the Global Restaurant Rankings.

Additionally, Jollibee secured fifth place in the strongest restaurant brand category, elevating its rating from AA- to AAA.

Jollibee stands as the only Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands, solidifying its position as a global leader in the industry.

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