Jollibee optimistic on global expansion

JOLLIBEE Foods Corp.’s (JFC) goal of becoming one of the best global restaurant companies has received an additional boost with the opening of its 100th flagship store in North America in line with its growth strategy.

The homegrown fast-food giant now has 100 Jollibee locations on the continent with the launch of a new store in British Columbia, Canada.

“We have come a long way from our first store in North America in Daly City back in 1998,” Ernesto Tanmantiong, the company’s president and chief executive officer, said in a statement over the weekend.

“The launch of our 100th store in North America is a crucial milestone for us, demonstrating the strength of our Jollibee North America team and the continued support of our diverse fanbase,” he added.

“We hope you will continue to cheer us on as we open the next 100 stores in North America and soon achieve our vision of becoming among the top 5 restaurant companies in the world.”

Earlier this month, the fastfood company opened its first Jollibee store in Sterling Heights, Michigan, marking the 14th US state the flagship brand has reached since it started an aggressive expansion in the region.

JFC, which also operates Chowking, Greenwich, Red Ribbon, Mang Inasal, and Tim Ho Wan brands, said it currently had over 1,600 Jollibee restaurants in 17 countries and planned to expand further in North America.

The company’s attributable net income in the first nine months of last year dropped by 5.7 percent to P6.8 billion from P7.2 billion a year earlier due to the absence of one-time gains booked in 2022.

Nine-month consolidated revenues, however, were said to have improved by 18 percent to P177.41 billion from P150.36 billion, complemented by a 19.1-percent increase in systemwide sales to P251.09 billion from P210.88 billion.

JFC shares closed up by 1.63 percent to P274.60 apiece last Friday.