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Jollibee Earns P1.4B In Q2
- By The Financial District
- Aug 11, 2021
- 2 min read
Jollibee Foods Corporation (JFC), one of Asia’s largest foodservice companies disclosed that its system-wide sales, a measure of all sales to consumers, both from company-owned and franchised stores increased by 64.7% to Php50.5 billion in the second quarter of 2021 compared to the same quarter last year when the COVID-19 pandemic brought its most adverse impact on the business.
Photo Insert: Jollibee's world-famous Chickenjoy
Revenues grew by 57.2%. Same-store sales in the Philippine business increased by 48.0% in the second quarter of 2021 compared to the same quarter last year while the international business grew by 28.4%.
China achieved a growth of 48.0%, North America 27.7%, Europe/Middle East/other parts of Asia 21.2%, The Coffee Bean & Tea Leaf 27.9%, SuperFoods, mostly in Vietnam -8.1% for a worldwide same-store sales growth of 38.4% versus Q2 of 2020.
JFC generated a consolidated operating income of Php1.4 billion in Q2 2021 representing a marked recovery from the operating loss of Php5.4 billion suffered in the same period in 2020 when sales declined quite significantly resulting from the temporary closure of a high number of stores and decline in sales of stores remaining open due to lockdowns and related restrictions imposed to control the spread of the COVID-19 virus.
Net income attributable to equity holders of the parent company reached Php1.0 billion compared with a Php10.3 billion loss in the second quarter of 2020 which included an expense provision for Business Transformation of Php6.2 billion.
EBITDA (Earnings before interest expense, taxes, depreciation, and amortization, an approximation of cash flow from operations) improved from negative Php7.2 billion in Q2 last year to positive Php5.5 billion this year.
All regions achieved significant profit and operating cash flow improvement versus year-ago levels. Gross profit margins, general and administrative expenses, and operating profit margins also showed marked improvement.
