Jollibee Foods Corporation (JFC) wants to grow its presence around the world by opening up to 600 stores this year. A filing with the stock exchange shows that Jollibee plans to open between 550 and 600 owned and franchised stores in 2023. The company expects to spend between P17 and P19 billion on capital expenditures.
Target for the year
With its target for the year, the JFC Group projects a full-year systemwide sales increase of 15% to 20%, with same store sales growth of 7% to 10%. Operating income growth is expected to be in the range of 20% to 25%.
JFC’s chief financial officer, Richard Shin, noted that the JFC Group demonstrated strong operating leverage in 2022, with store and manufacturing costs, and operating expenses declining by 2.6% and 0.2% of revenues, respectively. This indicates that the company is displaying steadfast growth.
Company’s financial growth
JFC also recorded a net income of P7.55 billion in 2022, up 26.4% from P5.98 billion in 2021 driven by P211.9 billion in revenues, which grew by 38% year-on-year.
JFC has also put more money into building their brand and improving their organisational skills, especially for their international business, in order to drive profitable growth over time.
What corporations does Jollibee own?
Jollibee Foods Corporation owns several corporations, including Chowking, Greenwich Pizza, Red Ribbon, and Mang Inasal. Jollibee Foods Corporation is primarily known for its fast-food chain, Jollibee, which is a Filipino multinational chain of restaurants. Jollibee is known for its signature dishes like Chickenjoy, Jolly Spaghetti, and Yumburger.
What type of company is Jollibee?
Jollibee Foods Corporation is a fast-food company that operates both company-owned and franchised stores worldwide. It was founded in 1975 in the Philippines and has since expanded to over 1,400 stores globally.
Does Jollibee own Burger King?
Jollibee Foods Corporation does not own Burger King. Restaurant Brands International, a company based in Canada, is the owner of the distinct fast-food chain Burger King.
What is Jollibee Foods Corporation known for?
Overall, Jollibee Foods Corporation is a multinational fast-food company known for its signature dishes and global expansion.
Also read: Commonwealth Bank Tops Australia’s BrandZ Ranking For 2023
JFC is all set to open up to 600 new stores around the world. With its goal for the year, the JFC Group expects both sales and income to grow by a lot. Focusing on making money and making smart investments should lead to long-term growth and value for the company’s shareholders.
