Jollibee Foods Corporation (JFC), one of Asia’s largest food service companies, reported an attributable net income of P2.7 billion in the first none months of 2021 from a net loss of P13.54 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the reversal came on the back of a significant operating profit improvement of JFC’s Philippine business, resulting from its Business Transformation program.
Jollibee said systemwide sales, a measure of all sales to consumers, both from company-owned and franchised stores rose 18.4 percent to P149.69 billion in the first three quarters of 2021 from P126.42 billion in the comparable period last year.
Revenues improved 17.1 percent to P108.57 billion in the period under review from the P92.73 billion generated in the first nine months of 2020.
For the third quarter alone, Jollibee said attributable net income also turned around from a net loss of P1.58 billion in 2020 to P1.57 billion this year.
For the same quarter, system wide sales increased by 26.6 percent to P51.39 billion this year from P40.59 billion in 2020. Revenues grew by 24.1 percent to P37.2 billion from P2.97 billion last year.
Same store sales in the Philippine business increased by 32.4 percent in the third quarter of 2021 compared to the same quarter last year while the international business grew by 12.4 percent.
China grew by 2.9 percent, North America by 19.6 percent, Europe/Middle East/other parts of Asia by 8.8 percent, and The Coffee Bean & Tea Leaf (CBTL) by 20.0 percent.
SuperFoods declined by 53.1 percent primarily due to heightened restrictions imposed in Vietnam to prevent the spread of COVID-19. Worldwide same store sales growth was 23.6 percent versus the third quarter of 2020.
Compared with pre-pandemic levels, total system wide sales and revenues in Q3 2021 were still lower by 10.4 percent and 13.8 percent, respectively, versus the third quarter of 2019.
Operating income and net income attributable to equity holders of the Parent Company were lower by 28.3 percent and 6.1 percent, respectively.
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.