Push Admin

JFC eyes opening up to 600 more stores to boost global growth: CFO

Article (news)

ABS-CBN News

Jollibee Foods Corp remains focused on its global expansion as it plans to open up to 600 stores to boost its 6,500 network, its Chief Financial Officer Richard Shin said on Tuesday.&quot;Our plan is to add another 5 percent thereabouts of 552, let&#x27;s say 600 stores and are predominantly led by international expansion...we&#x27;re not saturated in the Philippines but our focus as mentioned earlier is to really support our international growth,&quot; Shin said.Shin said among JFC&#x27;s key growth markets are the US and China. Its pillar brands include Jollibee, Tim Ho Wan, Smashburger and Coffee Bean and Tea Leaf.Jollibee Group earlier said it would <a href="https://news.abs-cbn.com/business/05/10/23/jfc-to-halt-pho24-operations-in-philippines" target="_blank">divest</a> from its PHO24 investments as it is not in line with the company&#x27;s growth strategy, Shin said.Shin said dine-in has recovered but deliveries continue to be a crucial channel for JFC.In Q1 JFC reported a 10.6 percent slide in net income, which Shin said was due to the P1.8 billion one-time gain in Q1 last year.In terms of same store sales (SSS) growth, JFC recorded double-digit growth in both the Philippines and its international network.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/10/23/jfc-says-revenues-up-285-pct-net-income-down-106-pct-in-q1">JFC says revenues up 28.5 pct, net income down 10.6 pct in Q1</a></li>	<li><a href="https://news.abs-cbn.com/business/04/29/22/jollibee-to-open-first-store-in-downtown-los-angeles">Jollibee to open first store in Downtown Los Angeles</a></li>	<li><a href="https://news.abs-cbn.com/business/01/23/23/jollibee-among-favorite-restaurants-in-us-newsweek-survey">Jollibee brands cited among favorite restaurant chains in US: Newsweek survey</a></li></ul>

Among JFC's key growth markets are the US and China while its pillar brands include Jollibee, Tim Ho Wan, Smashburger and Coffee Bean and Tea Leaf.