Jollibee Food Corp. posts P2.3-B net income in Q1

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JOLLIBEE Foods Corp. (JFC) on Monday reported a P2.3-billion net income for the first quarter of 2022 amid its continued global expansion following significant investments the previous year.

The P2.3-billion net income attributable for equity holders in the first quarter is a significant increase from the P152.6 million in the first quarter of 2021, JFC said in a disclosure to the stock exchange.

In the first quarter of the year, JFC said it opened 107 new stores, wherein 19 are in the Philippines, 19 in China, 9 in North America, and 13 in Europe, Middle East, Africa and Asia

(EMEAA) as well as 19 stores for SuperFoods and 28 stores for Coffee Bean and Tea Leaf, Jollibee Group chief executive Ernesto Tanmantiong said.

It 2021, it rebounded with an operating income at P6.3 billion which is almost the same as its pre-pandemic level of P6.5 billion, JFC said.

Last year, JFC said it opened 399 stores with a total capital expenditure of P7.9 billion, of which 314 were international locations.

“We achieved this through continued strong cost and profit management, as well as initiatives that adapted to changing consumer habits such as strengthening our off-premise capability, increasing our presence in major digital platforms and introducing exciting new products,” Tanmantiong said.

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