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MANILA, Philippines—Local fastfood giant Jollibee Foods Corp. grew its net profit last year by 24.5 percent year-on-year to P4.64 billion as sales from its restaurant network here and abroad expanded at a double-digit pace.
For the fourth quarter alone, JFC’s net profit rose by 20.3 percent year-on-year to P1.52 billion.
System-wide retail sales, a measure of all sales to consumer from company-owned and franchised stores, grew by 13.9 percent in the fourth quarter and by 12.8 percent for the full year to P28.87 billion and P104.1 billion, respectively.
The full-year retail sales growth marked the highest organic sales growth in six years and allowed JFC to breach the P100-billion mark for the first time, JFC chief operating officer and incoming chief executive officer Ernesto Tanmantiong said in a press statement.
JFC opened a total of 98 stores in the fourth quarter, the biggest number opened in a single quarter in the company’s 35-year history. It ended 2013 with an international store network of 2,764, out of which 2,181 are in the Philippines.
“Our progress in building the business has been taking place across our brands in different countries. In the years ahead, we look forward to further strengthening our brands and to accelerating our profitable growth by keeping our intense focus on the fundamentals of our business for the benefit of our consumers: superior product quality and taste, value, service, restaurant experience and store locations made possible by an even stronger JFC organization,” Tanmantiong said.
For 2014, Jollibee has earmarked P6.3 billion in capital spending for opening new stores and renovating old ones. This amount is more than double the capital outlays in 2013.
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