Jollibee nets P1.4B

FAST-food giant Jollibee Foods Corp. boosted its net profit in the first three months by 17.7 percent year-on-year to P1.4 billion, driven by a double-digit expansion in store sales.

System-wide sales in the first quarter went up by 14.8 percent year-on-year to P34.34 billion, JFC disclosed to the Philippine Stock Exchange on Friday.

JFC is now the largest Asian food service company and is aspiring to be among the world’s five largest in five to seven years.

The increase in retail sales was partly driven by the 8 percent same-store sales growth – referring to those that were already open for at least 15 months. Another driver was the expansion in the store network by 6.8 percent.