Philippine multinational food-chain operator Jollibee Foods Corporation (JFC) is planning to open up to 600 stores this year.
The company also projects full-year sales to surge by between 15 and 20 per cent and a store network increase of not less than 5 per cent.
The group reported 38 per cent year-on-year growth in revenue for FY22, reaching 211.9 billion Philippine pesos (US$3.8 billion) with EBITA up 32 per cent to 31.2 billion Philippine pesos ($569 million).
Ernesto Tanmantiong, CEO of JFC, said the last year’s double-digit sales growth was driven by a 27 per cent same-store sales increase, 6.1 per cent from new stores, the impact of the Milksha acquisition, and 5.2 per cent contributed by foreign currency translation gain.
“Looking ahead, while we expect macroeconomic challenges to persist this year, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth,” Tanmantiong said.
The company opened 542 stores last year, marking its highest number of stores opened in a single year. As of the end of last year, JFC operated 6480 stores around the globe.
Last year, the fast-food operator was reported to look into sell 10 to 15 per cent of its stake in the Vietnamese coffee chain Highlands Coffee. Jollibee initially bought a small stake in Highlands Coffee a decade ago before taking a controlling interest in 2017.
