Connect with us

Hi, what are you looking for?

News

Jollibee plans China expansion with focus on smaller stores

REUTERS

Jollibee Foods Corp. targets to open at least 100 stores in China next year, said its CEO, who sees lockdowns as a “temporary setback” to the Philippine fast-food chain’s target of getting half of sales from abroad.

With food delivery expected to drive growth, the Philippine company that’s known for dishes like fried chicken and sweet spaghetti targets to open smaller stores in China, Hong Kong and Macau where it now has more than 500 outlets, Ernesto Tanmantiong said in an interview with Bloomberg TV’s David Ingles.

“China remains to be one of our pillar markets,” Tanmantiong said. The company will focus on its Yonghe King, Tim Ho Wan and Hong Zhuang Yuan brands, he said.

Jollibee expects half of its sales to come from overseas stores by 2027, and aims to be among the top five restaurant companies in the world, Tanmantiong said. The company is on track to surpass in 2022 its full-year profit before the pandemic, he said, citing its first nine months results.

A double-digit growth in revenue will likely be sustained in 2023 following a 40% growth in the first nine months of this year, Tanmantiong said, as pandemic restrictions continue to ease. The company is “well-positioned” to withstand elevated inflation, with higher-income customers shifting from fine dining to fast food, he said. — Bloomberg

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

THE PESO strengthened against the dollar on Tuesday amid easing global oil prices and ahead of an expected increase in remittances due to the...

News

PHILIPPINE STOCKS extended their climb on Tuesday on last-minute bargain-hunting and ahead of the rebalancing of the MSCI. The bellwether Philippine Stock Exchange index...

News

The Government Service Insurance System headquarters in Pasay, Philippines. May 28, 2012. — BW FILE PHOTO THE government financial institutions (GFIs) that will be...

News

REUTERS THE European Chamber of Commerce of the Philippines (ECCP) urged the Philippines to eliminate tariffs on imports of all electric vehicles (EVs) regardless...

News

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5. — PHILIPPINE STAR/ KRIZ JOHN...

News

FREEPIK AN Israeli tech investor said a country’s legal system is a major consideration in attracting foreign investment, and urged legislators to reform the...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.