Jollibee Sees 26.6% Increase In Sales For Q3 2021

Jollibee Foods Corporation (JFC), one of Asia’s largest foodservice companies disclosed today that its system wide sales, a measure of all sales to consumers, both from company-owned and franchised stores increased by 26.6% for the third quarter and 18.4% for the first nine months of 2021 compared to the same periods last year.

Photo Insert: Jollibee's 1000th store in the Philippines

Revenues grew by 24.1% and 17.1% for the third quarter and for the first nine months of 2021, respectively. Same-store sales in the Philippine business increased by 32.4% in the third quarter of 2021 compared to the same quarter last year while the international business grew by 12.4%.

China grew by 2.9%, North America by 19.6%, Europe/Middle East/other parts of Asia by 8.8%, and The Coffee Bean & Tea Leaf® (CBTL) by 20.0%. SuperFoods declined by 53.1% primarily due to heightened restrictions imposed in Vietnam to prevent the spread of COVID-19.

Worldwide same-store sales growth was 23.6% versus the third quarter of 2020. JFC generated a net income attributable to equity holders of the parent company of Php1.6 billion, a reversal from the Php1.6-billion loss incurred in the same period last year on the back of a significant operating profit improvement of JFC’s Philippine business, resulting from its Business Transformation program.

EBITDA (Earnings before interest expense, taxes, depreciation, and amortization, an approximation of cash flow from operations) continued to rise, from Php1.4 billion in Q3 last year to Php5.0 billion this year.

Compared with pre-pandemic levels, total system-wide sales and revenues in Q3 2021 were still lower by 10.4% and 13.8%, respectively versus Q3 2019.

Operating income and net income attributable to equity holders of the Parent Company were lower by 28.3% and 6.1%, respectively, and EBITDA was lower by 24.0%.

The JFC Group opened 249 new stores in the first nine months: 47 in the Philippines, 67 in China, 29 in North America, and 15 in EMEAA. SuperFoods and CBTL opened 48 and 43 stores, respectively. A total of 221 stores were permanently closed during the quarter: 63 in the Philippines and 158 abroad.

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