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Jollibee back in black in Q4, eyes expansion this year

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/02/15/20200317-enhanced-community-quarantine-md-17.jpg?ext=.jpg"/><figcaption>Jollibee food delivery. <em>Mark Demayo, ABS-CBN News file photo</em></figcaption></figure></div><p>MANILA - Jollibee Foods Corp (JFC) posted P2 billion in net income in the fourth quarter of 2020, down 34.5 percent compared to the same period in 2019.</p><p>The company said revenues decreased by 29.9 percent to P36.7 billion in the fourth quarter versus a year ago primarily because of permanent store closures and lower sales per store due to the COVID-19 pandemic.</p><p>Despite the sharp decline in profits in the Oct-Dec period, this was still an improvement over the net losses posted in the previous three quarters. </p><p>For the whole of 2020, Jollibee incurred a net loss of nearly P11.5 billion. </p><p>JFC CEO Ernesto Tanmantiong said the company looks forward to sustained recovery this year as the world gradually returns to normalcy, with the introduction of COVID-19 vaccines. </p><p>“We plan to open 400 plus new stores worldwide most of which will be outside of the Philippines, particularly in North America, Vietnam and China,” Jollibee said. </p><p>Tanmantiong said Jollibee’s sales and profit growth will be driven by its international business this year and in the coming years. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/16/20/jollibee-opens-new-store-in-abu-dhabi-48th-in-middle-east">Jollibee opens new store in Abu Dhabi, 48th in Middle East</a></li>	<li><a href="https://news.abs-cbn.com/business/08/30/20/jollibee-draws-long-line-as-chain-opens-new-store-in-texas">Jollibee draws long line, as chain opens new store in Texas</a></li></ul><p>The company said it plans to P12.2 billion this year to open about 450 stores. </p><p>Last year, JFC opened a total of 338 new stores, 81 in the Philippines and 257 abroad. This was the first time in the company&#x27;s history that more new stores were opened abroad than in the Philippines. </p><p>“We believe that out of this pandemic, we will emerge as a stronger business and organization.”</p><p>Besides the Jollibee chain of fast food stores, JFC also operates several other restaurant brands in the Philippines and abroad. </p><p>JFC shares closed 0.8 percent higher on Monday at P180.10 per share. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/ancx/culture/spotlight/07/26/19/jollibee-has-stakes-in-these-eight-global-food-brandsincluding-your-favorite-dimsum-place">Jollibee has stakes in these 8 global food brands—including your favorite dimsum place</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/aFVGqTA8yvQ?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Despite the sharp decline in profits in the Oct-Dec period, this was still an improvement over the net losses posted in the previous three quarters. </p>

Despite the sharp decline in profits in the Oct-Dec period, this was still an improvement over the net losses posted in the previous three quarters.