EconomyEditor's PickJollibee earns P2B, terminates Dunkin’ Donuts deal in China

November 9, 2022

JOLLIBEE Foods Corp. (JFC) recorded P2.14 billion in attributable net income for the third quarter, up by 36.3% from P1.57 billion a year ago, after booking record sales, revenues, and operating income.

In a press release on Wednesday, the company said three-month system-wide sales, which come from company-owned or franchised stores, rose by 51.3% to P77.75 billion from P51.39 billion a year ago.

JFC’s local system-wide sales grew by 54.2%, while its international business rose by 47.5%.

Global same-store sales were up by 30.9%, while expansions and the acquisition of Milksha contributed 13.8%.

Local same-store sales grew by 48.5%, which the company attributed to an increase in customer visits versus last year.

International same-store sales rose by 8.5% led by SuperFoods, which surged by 177.1%, and Coffee Bean & Tea Leaf, which grew by 16%.

JFC registered higher same-store growth in Europe, the Middle East, Africa, Asia, and North America, while recording a 4.6% decline in China.

“All regions registered double-digit sales growth driven by strong same-store sales and store network growth,” JFC President and Chief Executive Officer Ernesto Tanmantiong said.

“We continue to see a strengthening of our sales globally and are confident that we can deliver according to our full-year outlook,” he added.

In another disclosure, JFC announced that its subsidiary terminated its master franchise agreement (MFA) for Dunkin’ Donuts which covers mainland China, Hong Kong, and Macau.

It said the parties to the agreement — Jollibee Worldwide Pte, Ltd., Jasmine Asset Holdingss, Ltd., Golden Cup Pte. Ltd., and Dunkin’ Donuts Franchising LLC — disclosed that the operations of Beijing Golden Cup Corp. of seven Dunkin’ restaurants were terminated.

On Jan. 5, 2015, Golden Cup and Dunkin’ Donuts entered the MFA.

“JFC will focus on building its business in China through its larger businesses there,” the company said.

At present, JFC has 486 stores in China: 418 Yonghe King stores, 55 Hong Zhuang Yuan stores, and 13 Tim Ho Wan stores.

The company’s Jollibee brand is also present in Hong Kong and Macau, with 21 and three stores, respectively.

Meanwhile, Dunkin’ plans to “continue expanding its footprint across China and the broader region through franchising.”

JFC, which claims to be one of Asia’s largest restaurant companies, has 6,351 stores worldwide: 3,238 in the Philippines and 3,113 internationally.

On Wednesday, shares in the company rose by 1.92% or P4.40 to finish at P233 each. — Justine Irish D. Tabile

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