JOLLIBEE Foods Corp. (JFC) Group told the local bourse Thursday, March 16, 2023, that it plans to open 550 to 600 owned and franchised stores in 2023 and put capital expenditure in the range of P17 to 19 billion.

It also projects an increase in the full-year systemwide sales of 15 to 20 percent for the year, with same-store sales growth of seven to 10 percent and a store network increase of not less than five percent. The operating income growth will range from 20 to 25 percent.

“Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” said chief executive officer Ernesto Tanmantiong.

2022 performance

JFC Group ended 2022 with consolidated revenues up 38 percent. System-wide sales (SWS), which is a measure of all sales to consumers, both from company-owned and franchised stores, grew by 40.2 percent last year. Net income attributable to equity holders of the parent company amounted to P7.6 billion, an increase of 26.4 percent compared to P6 billion in 2021.

Full-year SWS in the Philippines grew by 44.6 percent and international SWS grew by 34 percent led by SuperFoods (+100.2 percent), Europe, the Middle East and Africa (+42 percent), The Coffee Bean and Tea Leaf (+33 percent) and North America (+29.9 percent). China’s performance was flat due to strict Covid-related health measures and lockdowns.

“Dine-in sales improved significantly, driven by increased mobility due to easing of restrictions in markets where we operate. Off-premise channels, particularly delivery showed continued resilience and we expect sustained robust growth as we further improve our digital touchpoints,” said Tanmantiong.

JFC opened 542 stores and grew its store network by 9.2 percent last year versus 2021. Tanmantiong said this is the highest number of stores opened in a single year in JFC’s history. JFC Group operated 6,480 stores worldwide, of which 3,285 are in the Philippines and 3,195 are overseas stores in 2022.