Jollibee net income drops by 10% in Q1

Its net income attributable to equity holders stood at P2.1b (US$37.6m).

Jollibee Foods Corporation (JFC) posted a net income attributable to equity holders worth P2.1b (US$37.6m), reflecting a 10.6% decline in the first quarter of the year. 

Over the same period, the company reported double-digit growth in system-wide sales (SWS) compared to the same quarter in the previous year. 

Its same-store sales grew by 22.4% with the Philippine business rising by 31.6% and international business by 8.8%. 

“Our first quarter financial results reflected continued strong momentum, delivering another quarter of strong topline and operating income growth,” JFC CEO, Ernesto Tanmantiong, said.

“System-wide sales (SWS) and revenues for the quarter rose by 31.1% and 28.5%, respectively while operating profit grew by 80.9%.”

Read more: Jollibee posts ‘record’ 36.4% net income growth in Q3

We continued to invest in new stores that will help drive sustainable value for our shareholders. JFC opened 111 stores, a 4.7% growth in its store network. The company is on track to reach its 550-600 store network target this year. 

“We delivered strong operating profit growth despite continued macro challenges. We remain focused on navigating through these uncertainties and are confident in our ability to deliver another year of strong growth,” he added.