Jollibee to open 600 stores this year

Jollibee Foods Corporation (JFC) is planning to open up to 600 stores this year to surpass the 542 stores that it opened last year, which marked its highest number of stores opened in a single year.

As of the end of last year, JFC operated 6480 stores around the globe.

JFC is also projecting full-year sales to surge between 15 and 20 percent.

The Philippine multinational food-chain operator reported 38 percent year-on-year growth in revenue for FY22, reaching $3.8 billion with EBITA up 32 percent to $569 million.

According to Ernesto Tanmantiong, CEO of JFC, last year’s double-digit sales growth was driven by a 27 percent same-store sales increase, 6.1 percent from new stores, the impact of the Milksha acquisition, and 5.2 percent contributed by foreign currency translation gain.

He added that while there are macroeconomic challenges to persist this year, the JFC Group is resilient and well-positioned to drive near-term growth.

Last year, JFC was reported to be selling 10 to 15 percent of its stake in the Vietnamese coffee chain Highlands Coffee. JFC took a controlling interest in Highlands Coffee in 2017.