Business

Smashburger pulls down Jollibee Q1 earnings

Smashburger pulls down Jollibee Q1 earnings

Homegrown fastfood giant Jollibee Foods Corp. reported a 14.7% year on year decline in its first quarter profit to P1.5 billion, largely due to losses from Smashburger.

Homegrown fastfood giant Jollibee Foods Corp. reported a 14.7% year on year decline in its first quarter profit to P1.5 billion, largely due to losses from Smashburger.

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Smashburger was consolidated in the financial results of JFC in April 2018 when JFC assumed 85% of the US hamburger chain.

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System wide sales, a measure of all sales to consumers both from company-owned and franchised stores, expanded by 18.1% to P54.3 billion. This was driven by the firm’s global store network expansion, which accounted for 16.3%.

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Same store sales growth, which pertains to restaurants that were already open for at least 15 months, contributed only 1.9% due to weak consumer spending as a result of high inflation.

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System wide sales of the China business declined by 6.2% due to the negative impact of foreign currency changes, decline in store count and slower growth of delivery business.

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