Higher sales drive Jollibee Q3 income to P 1.3-B, up by 3.5%
Higher system-wide sales drove the third quarter net income of fast-food giant Jollibee Foods Corporation (JFC) to P1.308 billion higher by 3.5% percent than the P1.263 billion in the same period last year.
In its quarterly disclosure posted on Philippine Stock Exchange (PSE) website on Tuesday, JFC reported that from July to September 2016, its system wide sales reached P36.391 billion, higher by 12.4% from P32.319 billion in the third quarter of 2015.
The JFC cited the higher sales not only of its local stores but also of the branches abroad as behind the income growth.
The JFC said sales of its foreign branches especially in the United States, Middle East and South East Asia grew by double digits, except in Chiina where sales declined by 2.4 percent.
“We look forward to the continued recovery of our China business with the introduction of new products in the months ahead,” JFC chief executive officer Ernesto Tanmantiong said in a statement.
Tanmantiong said they expect the company’s system-wide sales to reach a five-year high by the end of 2016 citing the continued strong sales of existing stores coupled with network expansion.
The JFC also posted P27.815 billion revenues for its operations, up by 11 percent from P25.052 billion in the third quarter of 2015.