Jollibee Foods Corporation has announced plans to open more than 400 stores worldwide following a pandemic-hit 2020 that dragged sales and revenues to decline by double digits.
Jollibee CEO Ernesto Tanmantiong said most of the planned 400 new stores will be outside of the Philippines, particularly in North America, Vietnam, and China.
“We aim for very strong sales and profit recovery in 2021 versus 2020. In 2021 and the years ahead, JFC’s sales and profit growth will be driven by its international business. We believe that out of this pandemic, we will merge as a stronger business and organisation,” Tanmantiong said.
System wide sales of Jollibee Foods Corporation (JFC), a measure of all sales to consumers, both from company-owned and franchised stores decreased by 31.9 per cent to P49.5 billion in the fourth quarter of 2020 while revenues decreased by 29.9 per cent to P36.7 billion versus a year ago primarily as a result of permanent store closures and lower sales per store due to the COVID-19 pandemic.
JFC generated a net income of P2.0 billion in the fourth quarter of 2020, after incurring net losses in the past three quarters caused by the pandemic.
Same store sales growth rates by region for the fourth quarter versus year ago were as follows: Philippines -35.2 per cent, China +0.2 per cent, North America excluding The Coffee Bean & Tea Leaf® (CBTL) – 3.5 per cent, EMEAA -8.6 per cent, SuperFoods Group primarily Highlands Coffee in Vietnam -5.4 per cent and CBTL global -21.8 per cent.
These rates of decline represented improvement over those in the third quarter for most businesses, which were as follows: Philippines -45.6 per cent, China -7.7 per cent, North America excluding CBTL -6.6 per cent, EMEAA -11.8 per cent, SuperFoods Group -14.0 per cent, and CBTL -21.6 per cent.
JFC continued to make progress on reopening stores that had been closed temporarily. As of December 31, 2020, 96 per cent of the group’s worldwide outlets were already operating: 100 per cent of stores in China and EMEAA, 98 per cent in the Philippines, 94 per cent in North America, 95 per cent for SuperFoods, and 90 per cent for CBTL. – BusinessNews.ph