Jollibee plans strong expansion
Filipino fast food chain Jollibee says the Philippines business, as well as the overseas business, are both doing well, hence, it plans to boost it further.
Jollibee Foods Corporation CFO Ysmael Baysa says around 100 new stores are to be opened this year in the Philippines. The same number are planned overseas, particularly in China, Vietnam, the Middle East and the US.
In China, where it currently has 400 stores, it aims to reach 500 stores by mid 2014.
“Our profit in the first quarter of 2013 rose 33 per cent and a big part of that came from improvement in China. That improvement in China profitability is continuing,” said Baysa.
The fast food chain also plans cracking new markets such as Indonesia and India.
“These countries are developing and we feel that maybe we can focus on those populated countries,” he said.
Besides the Philippines, Jollibee also operates in Hong Kong, Kuwait, Qatar, Vietnam, Brunei, the US and recently, in Singapore.