Smashburger sends Jollibee profit soaring to P6.09B
Fast-good giant Jollibee Foods Corp. grew its attributable nine-month net profit by 19.2 percent year-on-year to P6.09 billion as the consolidation of US hamburger chain Smashburger bumped up overseas sales.
For the third quarter, net profit attributable to equity holders of parent company surged by 25.9 percent year-on-year to P2.03 billion, supported by a 25.9-percent expansion in system-wide retail sales to P53.27 billion.
JFC’s revenues grew by 21.7 percent year-on-year in the third quarter to P39.75 billion and by 21.5 percent year-on-year in the nine-month period to P114.84 billion.
System-wide sales for the nine-month period amounted to P153.18 billion, up by 24.2 percent year-on-year.
Excluding the impact of the consolidation of Smashburger which took effect in April, system-wide sales grew by 15.9 percent year-on-year in the third quarter and by 17.7 percent for the nine-month period.
Sales out of North America business surged by 218 percent in the third quarter thanks to Smashburger, which also marked Jollibee’s entry into the mainstream American hamburger business.
System-wide sales of the foreign business accelerated to 61.5 percent in the third quarter. Excluding the impact of Smashburger, system-wide sales of the foreign business would have risen by only 19 percent.
Business in the Philippines grew by 15 percent and accounted for 70 percent of worldwide sales.
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