FAST food giant Jollibee Foods Corp. (JFC) on Tuesday reported a net profit of P2.7 billion for January to March, up 23 percent from P2.2 billion in the same period in 2023 and driven by robust sales.

Revenues grew 11.3 percent to P61.3 billion from P55.1 billion while systemwide sales surged 10 percent to P86.8 billion from P78.6 billion, thanks to volume growth and contributions from new stores.

"The Jollibee Group had an exciting start to the year with a very good performance that exceeded our profit outlook for the first quarter," JFC Chief Executive Officer Ernesto Tanmantiong said in a statement.

"Our healthy top line growth combined with further operational efficiencies and effective management of expenses drove the expansion of the Jollibee Group's profit margins."

Tanmantiong added that flagship brand Jollibee topped the group's growth at 15.8 percent, with international operations expanding by 25 percent compared to the same period last year.

The group's domestic business posted same-store sales growth (SSSG) of 6.9 percent, while that of the international business grew 3.2 percent.

Smashburger's SSSG, meanwhile, dropped 4.1 percent despite a month-on-month improvement in average daily sales, while JFC's China business dipped 3.7 percent following a strong performance last year.

The Jollibee Group closed the first three months with a 14-percent growth in operating profit to P4.1 billion, resulting in attributable earnings of P2.6 billion — up 27 percent versus the same quarter in 2023.

"We had a strong finish to 2023, and I am pleased that we are once again kicking off the year in a position of strength with the first quarter off to a good start," said Richard Shin, JFC chief financial officer.

"Our business fundamentals are strong, and we are poised to continue our growth trajectory, leveraging the strength of our brands and strategic investments to support our long-term growth plans."

As of end-March this year, the group had a total of 6,886 stores operating worldwide, up 5.3 percent compared to a year ago, of which 3,337 were in the Philippines. The company's largest brands by store count are Jollibee (1,676), Coffee Bean and Tea Leaf (1,165), Highlands Coffee (782) and Chowking (616).

Jollibee shares on Tuesday advanced by 80 centavos, or 0.37 percent, to P219.60 apiece.

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