Jollibee Q2 net income down but sales surge

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt=" A bucket of Jollibee Chickenjoy. Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/04/29/jolly-crispy-chicken-bucket.jpg"/><figcaption>A bucket of Jollibee Chickenjoy. <em>Handout</em></figcaption></figure></div><p>MANILA -- Jollibee Foods Corporation (JFC) on Wednesday said its net income in the second quarter fell 16.6 percent to P2.3 billion, even as sales jumped 16.9 percent to P60.8 billion.</p><p>The company said income was down due to the absence of one-time gains from land conveyance and sale of land properties from 2022.</p><p>But excluding the one-offs, net income would have gone up 34.6 percent, the company told the stock exchange.</p><div><strong>RELATED STORY:</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=2755006" 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><p>The fastfood giant said in the Philippines, sales grew by 14.5 percent, while sales from international stores increased by 20.9 percent. </p><p>System-wide sales of JFC’s coffee and tea business increased by 11 percent, the company noted. </p><p>The China business posted its highest year-on-year incremental sales driven by consumption recovery, growing by 76.9 percent.</p><p>Jollibee chief financial officer Richard Shin said the company will continue to improve its margins by making operations efficient while speeding up the growth of its international business.</p><p>In June, Jollibee said it is looking to build 600 new stores globally and is eyeing faster expansion in the US and China to drive the company’s long-term growth.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/03/23/jollibee-says-it-now-has-158-stores-in-vietnam">Jollibee says it now has 158 stores in Vietnam</a></li>	<li><a href="https://news.abs-cbn.com/business/06/30/23/jollibee-eyes-600-new-stores-globally-growth-in-china-and-us">Jollibee eyes 600 new stores globally, growth in China and US</a></li></ul>

Jollibee Foods Corporation on Wednesday reported strong sales and operating profit growth.

Jollibee Q2 net income down but sales surge | ABS-CBN

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Jollibee Q2 net income down but sales surge

Jollibee Q2 net income down but sales surge

ABS-CBN News

Published Aug 09, 2023 04:06 PM PHT

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