P73.1 Billion: That's How Much the Jollibee Group Sold in 2Q 2022
Jollibee Foods Corporation (JFC) reported system-wide sales of P73.1 billion in the second quarter of 2022. That’s 44.8 percent higher than the P50.5 billion the company earned the previous year.
System-wide sales is a measure of all sales made to consumers from all of JFC’s stores both company-owned and franchised.
The company also reported total revenues grew 41.9 percent from P36.7 billion in 2021 to P52.05 billion this year. Net income attributable to the equity holders of the parent also grew 185.8 percent—from P976 million to P2.8 billion in 2022.
JFC has now posted total revenues for the first six months of 2022 of P94.908 billion, which is a 33 percent increase from the P71.370 billion in the same period last year. Net income, meanwhile is up 351.7 percent, from P1.13 billion in 2021 to P5.1 billion this year. ee
JFC said all of its brands registered strong double-digit growth in the second quarter of 2022 as more people are choosing to dine out with the easing of health restrictions. Meanwhile, the international business grew 6.9 percent despite a 29.5 percent decline in the China business’ same store sales growth, North America grew 7.5 percent, Europe/Middle East/other parts of Asia (EMEAA) grew 14 percent.
“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,” said JFC Group’s CEO Ernesto Tanmantiong. “We are encouraged to see further improvement in dine-in sales while at the same time sustaining growth in our delivery business.”
Tanmantiong acknowledged the double-digit decline in the company’s business in China, where there are still heightened restrictions because of COVID-19. Still, the slow growth in China was offset by growth in other markets worldwide, including North America and EMEAA (particularly Vietnam, where Jollibee and SuperFoods grew 50.9 percent.
“We are very confident about the strong recovery of our China business in the months ahead, faster sales and profit growth of our other businesses abroad and sustained strong growth of our Philippine business,” Tanmantiong said.
The JFC Group continued its expansion across the world. In the first half of 2022, the company opened a total of 230 new stores: 50 in the Philippines, 38 in China, 16 in North America and 18 in EMEAA. Meanwhile, SuperFoods, CBTL and Milksha opened 47, 52 and nine stores, respectively. The company also reported closing 130 stores during the period: 31 in the Philippines and 99 abroad.
The JFC Group currently has 18 brands in 34 countries. At the end of June 30, 2022, JFC said it was operating 6,297 stores worldwide: 3,239 of those are in the Philippines and 3,058 elsewhere in the world. It had 478 stores in China, 380 in North America, 311 in EMEAA, 561 with SuperFoods mainly in Vietnam, 1,059 with CBTL, and 269 with Milksha.
Its largest brands by store outlets worldwide are Jollibee with 1,546, CBTL with 1,059, Chowking with 609, Mang Inasal with 577, and Highlands Coffee with 525.