Jollibee adding more stores with P21-B budget
Homegrown fast-food giant Jollibee Foods Corp. will spend up to P21 billion this year to expand its store network across the globe.
Richard Shin, Jollibee Group chief financial and risk officer, said in a statement on Friday the amount would be used to open as many as 800 stores, which would zoom its network past the 10,000-store mark.
As of end-December, the group already had 9,766 stores, representing a 41.8-percent increase year-on-year.
This came as strong sales in its Philippine and international businesses and gains from its newest coffee acquisition lifted 2024 earnings by 17.7 percent to P10.32 billion.
Despite a weak China market, Shin said other markets “consistently delivered growth.”
The company led by tycoon Tony Tan Caktiong said revenues likewise grew by 10.6 percent to P269.94 billion, buoyed by higher systemwide sales.
“We head into 2025 with full confidence in our ability to further drive growth and deliver value to our shareholders,” Jollibee Group CEO Ernesto Tanmantiong said in a disclosure.
Systemwide sales climbed by 13 percent to P390.28 billion, boosted by growth in both the domestic and international markets.
The Philippine business grew sales by 10.1 percent, driven by the flagship brand Jollibee, Chowking and Mang Inasal. Meanwhile, international sales expanded by 17.6 percent, led by EMEA (Europe, Middle East and Africa) and North America, and boosted by beverage brands Coffee Bean and Tea Leaf and Highlands Coffee.
South Korea-based Compose Coffee likewise contributed 7.9 percent to the international systemwide sales growth, Jollibee said.
“We also made significant progress in executing our strategy for our coffee and tea business,” Tanmantiong said. “After completing the acquisition of Compose Coffee in August 2024, this segment has become even bigger with over 5,000 stores, and 78 percent of stores franchised.”
Last year, Jollibee opened 361 stores under its coffee brands, which ended with a 37-percent surge in systemwide sales.
The China market, meanwhile, reported an 8.3-percent decline in sales due to a soft macroeconomic environment that impacted consumer spending.
According to Shin, they are aiming for an 8-to-12-percent growth in systemwide store sales this year.
Jollibee, known for its iconic Chickenjoy meals, aims to triple profits to over P26 billion by 2028 by further growing its specialty beverage business.
Last month, the company removed its foreign ownership limit, allowing more room for fresh equity as it explores other categories while casting a wider net across the globe.
As of December, Jollibee’s foreign ownership level stood at 23.54 percent, data from its website showed.
