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JFC posts 26% income rise to P7.6 billion as sales grow

LISTED food service company Jollibee Foods Corp. (JFC) reported 26.4% higher attributable net income for 2022 to P7.56 billion from the previous year’s P5.98 billion after an increase in system-wide sales.

In a press release, JFC Chief Executive Officer Ernesto Tanmantiong said in a press release that last year’s sales growth was driven by a 27% same-store sales increase, 6.1% from new stores, the impact of the Milksha acquisition, and a 5.2% gain from foreign currency translation.

“Off-premises channels, particularly delivery showed continued resilience and we expect sustained robust growth as we improve further our digital touchpoints,” he said.

Mr. Tanmantiong added that dine-in sales improved due to the easing of restrictions in locations where the company operates.

In its disclosure to the stock exchange, JFC said its 2022 revenues grew by 38% to P211.9 billion from the P153.58 billion it saw in 2021.

System wide-sales, which measures all sales to consumers, rose by 40.2% to P296.82 billion the P211.72 billion previously.

The company’s net sales increased by 37.9% to P196.66 billion from P142.59 billion in the previous year.

The company’s expenses also increased by 36.7% to P27.01 billion from P19.8 billion in the previous year.

Mr. Tanmantiong said the JFC group sustained its “global expansion momentum.”

“We opened 542 stores and grew store network by +9.2% versus prior year, exceeding our guidance for 2022,” he said.

“This is the highest number of stores opened in a single year in JFC’s history,” he added.

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 32.2% to P31.2 billion from P23.6 billion.

For the fourth quarter of 2022, attributable net income plummeted by 90.3% to P320 million from P3.28 billion in the same quarter in 2021. The company also reported a 99% fall in net income to P31 million from the P3.25 billion previously recorded.

The lower profit came despite a 38.5% increase in system-wide sales to P85.94 billion from P62.03 billion previously. Revenues increased by 36.8% to P61.55 billion from P45 billion, while EBITDA grew by 3% to P8.21 billion from P7.97 billion.

Operating income in the three-month period decreased by 23.7% to P1.88 billion from P2.47 billion due to provisions to curtail non-priority brands at P600 million and increased advertising and promotional spending as a percentage of system-wide sales at 3.4% versus 2.9% previously.

OUTLOOK FOR 2023JFC said that based on its target for 2023, the group projects full-year system-wide sales to grow between 15% and 20%, with a same-store sales growth of 7% to 10% and a store network increase of not less than 5%.

The company said operating income is expected to grow in the range of 20% to 25%.

Additionally, it plans to open 550 to 600 owned and franchised stores in 2023. Last year, it opened 542 stores, expanding its store network by 9.2%.

JFC expects this year’s capital spending at P17 billion to P19 billion.

“Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” Mr. Tanmantiong said.

On Thursday, Jollibee shares fell by 4.02% or P9 to close at P215 apiece. — Adrian H. Halili

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