Jollibee Foods Corporation expects its strong momentum from the first quarter of 2023 to continue during the year as it continues to expand its store network under various brands locally and globally.
However, Jollibee Chief Financial Officer Richard Shin noted during the firm’s annual stockholders’ meeting that “growth rates versus 2022 will narrow down starting in the second quarter of 2023 versus prior quarters due to a record high base.”
Jollibee Foods Corp. Chief Financial Officer Richard Shin
However, he said the firm is expected to sustain its systemwide sales growth of 15 to 20 percent, same store sales growth of seven to 10 percent, and store network increase of not less than 5 percent this year. Jollibee is targeting to open a total of 550 to 600 stores in 2023.
Shin pointed out that, “Our guidance is based on a track record of delivering with high probability and realism.”
“Revenue growth will be driven by continued success for the Philippines business and the accelerating growth of our international businesses supported by continued investments in JFC’s organization and technology,” Shin noted.
He added that, “We are confident that the JFC group is resilient and well-positioned to drive near-term growth despite 2022’s macro-economic challenges. We have clear priorities on profitability while continuing to invest strategically for long-term growth and value for shareholders.”
Jollibee Group President and CEO Ernesto Tanmantiong
Meanwhile, JFC President and CEO Ernesto Tanmantiong said “JFC’s long-term growth will be driven by extending or dominant market leadership in the Philippines and accelerating growth in our pillar markets of the United States of America in China.”
“Our focus remains on expanding globally in the strategic categories of chicken and burgers, Chinese cuisine, and coffee and tea by investing in our lead brands Jollibee, Smashburger, Tim Ho Wan, and The Coffee Bean and Tea Leaf,” he added.
Tanmantiong noted that, “We have made significant progress in our international expansion strategy, opening the most number of international stores for three consecutive years, accelerating the systemwide sales contribution of the International Business to 40 percent, delivering strong double-digit sales growth and generating positive EBITDA, contributing to a third of JFC’s overall EBITDA in the first quarter of 2023.”
“Our global expansion efforts, compounded by the continued strength of our Philippine business, will enable JFC to deliver sustained long term value for our customers, people and shareholders,” he said.