Connect with us

Hi, what are you looking for?

Economy

Jollibee eyes 450 new, mostly overseas stores as it sees rebound

Jollibee Foods Corp. will spend P12.2 billion ($255 million) this year, up 22% from the P10 billion in 2020. Many store openings this year will be outside of the Philippines, mostly in North America, Vietnam, and China. Image via Jollibee.

Jollibee Foods Corp. (JFC) will boost capital spending by a fifth to open 450 new stores mostly overseas, as the Philippines’ largest restaurant operator foresees a return to profit this year following its first annual loss in nearly three decades.

The company will spend P12.2 billion ($255 million) this year, up 22% from the P10 billion in 2020. Many store openings this year will be outside of the Philippines, mostly in North America, Vietnam, and China, it said in a statement.

“We aim for very strong sales and profit recovery in 2021,” Chief Executive Officer Ernesto Tanmantiong said. Jollibee’s sales and profit growth starting this year will be driven by its international business, he said.

The company posted a net loss of P11.5 billion in 2020, its first annual loss based on Bloomberg-compiled data going back to 1991. It had a net income of P2.05 billion in the fourth quarter, down 34.5% from a year earlier although a return to profit after three consecutive quarters of losses.

Other highlights:

• Smashburger and The Coffee Bean are now in reasonable position to start generating profit in 2021

• About 96% of the group’s worldwide outlets were already operating as of end-2020; all regions in the JFC group generated profit in the fourth quarter

• Jollibee’s 2020 loss is lower than the average P12.2 billion loss of nine analysts forecasts compiled by Bloomberg

• It’s expected to report a net income of P4.44 billion in 2021 and P6.44 billion in 2022, according to an average of analyst estimates compiled by Bloomberg

Jollibee was up by as much as 1.6% as of 11:28 a.m. Manila time; volume about 80% of three-month daily average. — Bloomberg

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
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

Economy

THE DEPARTMENT of Agriculture (DA) approved a suggested retail price (SRP) of P125 a kilo for imported red onions in the National Capital Region...

Economy

THE PHILIPPINE ECONOMY could grow by as much as 8-10% if the government can address the gaps in agriculture, investment, and good governance, according...

Economy

By Keisha B. Ta-asan, Reporter GLORIA L. JAPON, a 48-year-old public school teacher from Cavite south of the Philippine capital, admits struggling to pay...

Economy

GLOBE Telecom, Inc. has signed an agreement to lease telecommunications towers in Southern Luzon to a unit of Thailand-based Sky Tower Plc. to monetize...

Economy

A UNIT of listed holding firm A Brown Co., Inc. has secured a P400-million funding for the construction of a commercial electron beam or...

Economy

MANILA Water Co., Inc. on Monday said that it would submit its completion plan to build and operate water, sewerage and sanitation projects until...

You May Also Like

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.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 © 2021 SmartRetirementReport. All Rights Reserved.