MANILA - Jollibee Foods Corp recorded a P1.58 billion net loss in the third quarter, a "marked improvement" from the previous quarter as sales recover despite lingering effects of the pandemic, the company said on Monday.
The result is still far from P1.7 billion third quarter net income a year ago, but a significant recovery from P10.2 billion net loss in the second quarter this year.
System-wide retail sales were down 29.2 percent in the third quarter to P40.59 billion, bringing January to September sales to P126.4 billion, a 26 percent decline from the same period last year.
Net loss for the January to September period was at P13.5 billion.
The company said 93 percent of the group's outlets are now "operational" following the lockdowns.
339 stores have been closed permanently from January to September, majority of which located overseas.
Despite this, Jollibee said it opened 180 new stores, mostly abroad with 132 stores compared to 48 in the Philippines.
The company started reaping benefits of earlier announced P7-billion business transformation initiative.
“We are now focusing our effort in rebuilding the business in a changed environment. While the negative impact of the crisis is still affecting us, as we reopen stores, we are introducing new products, resuming strong marketing campaigns, strengthening our systems and infrastructure particularly for digital connections with our customers and for off-premise consumption of our products and opening of new stores mostly in our international business," said Jollibee CEO Ernesto Tanmantiong.
"We are now crafting our operating plans for 2021 and the years ahead. Our vision remains the same: 'to be one of the top 5 restaurant companies in the world',” he added.
The company earlier said its frontrunner products Champ and Ultimate Burger Steak are back in select stores in a bid raise revenues.
Jollibee has world-renowned brands under its belt namely Jollibee, Mang Inasal, Chowking, Burger King, Tim Ho Wan, Dunkin Donuts, Highlands Coffee, Coffee Bean and Teal Leaf, Smashburger and others.
As part of COVID-proofing its business, Jollibee turned to selling its ready-to-cook chicken products when the government prohibited dine-in services last March.