Jollibee's net income at P2.6B

Business.
Business.(Business File photo)

THE Jollibee Group reported the first quarter of 2024 system-wide sales (SWS) of P86.8 billion, an increase of 10.4 percent compared to P78.6 billion in the first quarter of 2023.

The increase was driven by a combination of 5.5 percent same-store sales growth (SSSG) mainly from volume growth and a 4.6 percent contribution from new stores.

SSSG of the Philippine business increased by 6.9 percent while the international business grew by 3.2 percent led by Emea (Europe, the Middle East and Africa) at 14.7 percent, Milksha at 8.7 percent, Jollibee North America at 12.3 percent, and Coffee Bean and Tea Leaf at two percent.

Smashburger declined by 4.1 percent but showed month-on-month improvement in average daily sales.

The Jollibee Group’s China business also declined by 3.7 percent versus a strong SSSG a year ago, in line with the Quick Service Restaurant industry in China.

China business’ SSSG for the first quarter of 2023 grew by double-digits driven by the temporary recovery in consumption, particularly in February and March after the lifting of Covid-19 restrictions.

This was also exacerbated by weak consumer spending power in the current year.

Highlands Coffee declined by nine percent but was better than the industry and gained a four percent market share.

Jollibee’s net income attributable to equity holders of the parent company (Niat) was P2.6 billion, up 26.9 percent compared to the same quarter last year, with a Niat margin improvement of 60 basis points. / PR

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