Strong sales push Jollibee earnings near ₱2.8B in second quarter

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Metro Manila (CNN Philippines, August 11) – Jollibee Foods Corp.’s earnings surged nearly threefold in the second quarter of 2022 thanks to robust sales amid laxer pandemic restrictions, it said Thursday.

The listed fast food giant reported a net income attributable to parent equity holders of ₱2.78 billion, way up from P976 million from April to June last year.

Jollibee likewise touted its “record-high” system wide sales of ₱73.1 billion, up 44.8% year-on-year thanks to higher same store sales and new stores and new acquisitions figures along with “favorable foreign currency translation.”

This came as same store sales in the group’s domestic business rose over 50% as all brands logged “strong double-digit” growth with the easing of COVID-19 rules. Its international business expanded 6.9% during the period, even with strict lockdowns pulling down its China business’ same store sales by 6.9%.

Revenues climbed 41.9% to ₱52.1 billion, the company added.

Jollibee’s earnings ballooned to ₱5.09 billion in the first half of the year, almost five times larger than ₱1.12 billion in the same period in 2021.

“We are pleased with our strong top line growth led by our Philippine business which delivered better-than-expected sales for the second quarter and got back to its pre-pandemic sales level. We are encouraged to see further improvement in dine-in sales while at the same time sustaining growth in our delivery business,” said JFC Group chief executive officer Ernesto Tanmantiong.

Jollibee has been running nearly 6,300 stores across 34 countries where its 18 brands are present as of end-June. Of this number, 230 were newly opened during the six-month stretch.

Shares of Jollibee finished at ₱233 apiece on Thursday, 6.88% up from Wednesday’s close.