MANILA – Jollibee Foods Corporation (JFC) on Friday said it is looking to build 600 new stores globally and eyes faster expansion in the US and China to drive the company’s long-term growth.

“JFC’s long term growth will be driven by extending our dominant market leadership in the Philippines, and accelerating growth in our pillar markets of the United States of America and China,” said the company’s CEO Ernesto Tanmantiong.

JFC intends to focus on its existing fastfood and restaurant portfolio for 2023.

“Our focus remains on expanding globally in the strategic categories of chicken and burgers, Chinese cuisine, and coffee and tea by investing in our lead brands Jollibee, Smashburger, Tim Ho Wan and The Coffee Bean and Tea Leaf,” Tanmantiong added.

Jollibee’s goal to build 600 new stores across the globe will breach its record of 542 new stores built in 2022.

The company said it is confident it is on track to reaching its goal with 111 new stores built in the first quarter of 2023.

During the company’s annual stockholders’ meeting, Tanmantiong noted that they have opened the highest number of international stores for 3 consecutive years.

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He said this brought system-wide sales contribution of international business to 40 percent, and noted that stores outside the Philippines contributed to a third of JFC’s overall earnings in the first quarter of 2023.

“Our global expansion efforts, compounded by the continued strength of our Philippine business will enable JFC to deliver sustained long-term value for our customers, people, and shareholders,” he said.

• Jollibee to open first store in Downtown Los Angeles

Very selective’ about acquisitions

JFC will be very selective about mergers and acquisitions, company chairman and founder Tony Tan Caktiong said.

“We have very strong brands with great potential to grow globally. We will focus our resources on core brands and growth contributors, which provide more value for our shareholders,” he said in response to a question on how the company views growing the business through mergers and acquisitions.

“Our priority is on organic growth of our current portfolio. We would be very selective about acquisition opportunities and consider only those that will add value to JFC,” he added.

• JFC says 'not been in any discussion' for acquisitions in recent months

The company in May divested from PHO24 to focus on its chosen segments, which are chicken, coffee and tea, burger and Chinese cuisine.

• Jollibee Group drops PHO24 but eyes expansion in Vietnam

It purchased the US chain Smashburger in 2018 and acquired The Coffee Bean and Tea Leaf in 2019. It also completed its buyout of Tim Ho Wan in 2021.

• Jollibee takes full ownership of Smashburger
• Jollibee to buy Coffee Bean and Tea Leaf for $350 million
• Jollibee buys out partners in fund owning Michelin-starred resto Tim Ho Wan

JFC also has wholly owned brands including Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King and Hong Zhuang Yuan, and franchised brands including Burger King, Panda Express, and Yoshinoya in the Philippines.

JFC said its system-wide sales grew 31 percent in Q1, revenues jumped 28.5 percent and same-store sales rose 22.4 percent. Net income, however slid 10.6 percent to P2.1 billion due to the one-time gain of P1.8 billion in the same period last year.

JFC's Philippine business remains "incredibly robust and strong," growing 36.7 percent in the first quarter, and 20.8 percent compared to its prepandemic level, its chief financial officer Richard Shin said.

However, Shin downplayed expectations for the coming months.

“We expect a strong momentum from our Q1 to continue. However, growth rates versus 2022 will narrow down starting Q2 of 2023 due to a record-high base,” Shin said.

--with a report from Jessica Fenol, ABS-CBN News

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