Fast-food chain to open over 700 stores in '24

Jollibee logo
Jollibee logo

JOLLIBEE Foods Corp. (JFC) plans to open 700 to 750 owned and franchised stores (gross) in 2024 and expects capital expenditures to be in the range of P20 to 23 billion.

In a disclosure to the local bourse JFC’s chief executive officer Ernesto Tanmantiong said JFC will “scale the business with our four big focus areas: expand our Jollibee brand internationally; grow our coffee and tea business; exponentially grow in China in multiple lower tier cities; and sustain our strong growth and market leadership in the Philippines.

Moreover, based on its target for 2024, JFC projects full-year system-wide sales growth to be in the range of 10 to 14 percent, with same-store sales growth of five to seven percent and store network increase of seven to eight percent. Operating profit growth will be in the range of 10 to 15 percent.

JFC achieved an all-time high revenue of P244.1 billion, a 15.2 percent increase year-over-year which translated to a new record operating profit of P14.4 billion in 2023, up by 45 percent compared to 2022.

For 2023, net income attributable to equity holders of the parent company grew by 16 to P8.8 billion despite a one-off gain of P4.9 billion in 2022 from land conveyance and disposals.

JFC said it closed the year with a new system-wide sales (SWS) record, surpassing the P300-billion mark, up by 16.3 percent to P345.3 billion, driven by a 10.6 percent growth in same-store sales and 5.4 percent from new stores.

The Philippine business, which accounts for 61 percent of JFC’s consolidated SWS delivered a 17.6 percent growth in SWS while the international business grew by 14.4 percent. / KOC


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