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JFC says revenues up 28.5 pct, net income down 10.6 pct in Q1

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ABS-CBN News

<p>MANILA — Jollibee Foods Corp said on Wednesday its consolidated revenues jumped 28.5 percent in the first quarter but its net income attributable to parent declined by 10.6 percent to P2.1 billion. </p><p>System wide sales grew 31.1 percent for the quarter compared to the same period last year, JFC said in a disclosure to the stock exchange. </p><p>Operating profit also grew by 80.9 percent, it said. </p><p>First quarter same store sales (SSS) in the Philippines meanwhile grew 31.6 percent while international SSS grew 8.8 percent, the country&#x27;s largest restaurant operator said. </p><p>&quot;We continue to invest in new stores that will help drive sustainable value for our shareholders. We opened 111 stores and grew store network by +4/7 percent versus prior year. We are on track to achieving our 550-600 new store target for 2023,&quot; JFC CEO Ernesto Tanmantiong said. </p><p>As of the end of March, JFC said it operated 6,542 stores worldwide, out of which 3,281 are in the Philippines while 3,261 are spread globally. </p><p>JFC aims to become among the top 5 global restaurant operators. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/27/22/jfc-posts-p23-b-net-income-in-q1-opens-107-stores-worldwide">&#x27;Strong start&#x27;: JFC posts P2.3-B net income in Q1, opens 107 stores worldwide</a></li>	<li><a href="https://news.abs-cbn.com/business/07/25/20/coffee-bean-tea-leaf-smashburger-brands-profitable-by-2021-jfc">Coffee Bean &amp; Tea Leaf, Smashburger brands &#x27;profitable&#x27; by 2021: JFC</a></li>	<li><a href="https://news.abs-cbn.com/business/10/17/19/jollibees-chief-taste-officer-travels-the-world-to-challenge-mcdonalds-kfc">Jollibee&#x27;s chief taste officer travels the world to challenge McDonald&#x27;s, KFC</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2502532" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Jollibee Foods Corp said its consolidated revenues jumped 28.5 percent, while net income attributable to parent declined to P2.1 billion. 