Profitable anew, Jollibee, Shakey’s lick wounds of 2020
Leading local restaurant chain operators Jollibee Foods Corp. (JFC) and Shakey’s Asia Pizza Ventures Inc. shored up earnings in the first semester versus heavy losses incurred in the same period last year when local quarantine restrictions were at their strictest.
JFC booked an attributable first semester net income of P1.13 billion, a turnaround from the hefty net loss of P11.96 billion in the same period last year. For the second quarter alone, it booked an attributable net profit of P976 million versus a net loss of P10.29 billion a year ago.
In a separate report, Shakey’s reported a six-month net profit of P14 million compared to a net loss of P290 million in the same period last year.
For the second quarter, Shakey’s reverted to a net loss of P14.71 million, but this was smaller than the P403.54-million net loss in the same period last year.
Compared to its first quarter net income of just P152.65 million, JFC saw a big improvement in its bottom line despite the reimposition of tighter lockdown protocols in the country at end-March through early April. Improved earnings from offshore operations likewise boosted its earnings.
JFC’s second quarter profit of P976 million is now just 6.2-percent below the net income posted in the same quarter in 2019, the last year before the COVID-19 pandemic battered the domestic economy.
Systemwide sales increased by 64.7 percent year-on-year to P50.5 billion in the second quarter, boosting revenues by 57.2 percent. Excluding the impact of changes in its store network, same store sales in the Philippine business increased by 48 percent in the second quarter year-on-year while the international business grew by 28.4 percent.
For its part, Shakey’s net loss of P14.71 million in the second quarter marked a decline from the first quarter, which turned in a net profit of P28.7 million.
Systemwide sales in the second quarter, however, grew by 43 percent year-on-year to P1.63 billion, driven by strong same-store sales growth of 31 percent notwithstanding the strictest restrictions on dine-in operations.
