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Philippines' Jollibee posts Q1 profit as international sales recover

Published 05/12/2021, 12:45 PM
Updated 05/12/2021, 12:50 PM
© Reuters

MANILA, May 12 (Reuters) - Philippines' Jollibee Foods Corp
JFC.PS said on Wednesday it posted a net profit for the second
consecutive quarter, supported by international sales that have
recovered to pre-pandemic levels.
The fast food giant, known for its fried 'Chickenjoy' and
chopped hotdogs in sweet spaghetti sauce, has used its dominant
position at home to pursue an aggressive overseas expansion in
recent years, increasing its footprint in China and buying
brands in the United States.
In a disclosure statement, Jollibee reported a 153 million
pesos ($3.2 million) profit in the first quarter, reversing a
1.7 billion net loss in the same period last year, but below the
2 billion pesos it made in the fourth quarter of 2020.
"Most of our businesses abroad are reaching sales at
pre-pandemic level," Jollibee CEO Ernesto Tanmantiong said.
Compared to the first quarter of 2019, sales declined by
28.5% in the Philippines, but rose overall by a third with the
acquisition of California-based Coffee Bean and Tea Leaf,
Jollibee said. The international business contributed 41% to
global system-wide sales.
"We look forward to a strong recovery of our Philippine
business in the months ahead and even faster sales and profit
growth of our businesses abroad," Tanmantiong said.
Philippine operations remain hampered by coronavirus curbs
as the country fights a second wave of infections, while
overseas stores have started recovery as other countries reopen.
Jollibee plans to issue around 8 billion pesos in preferred
shares and buy back around $250 million of perpetual bonds this
year to strengthen its balance sheet and spread the maturity of
debts.
($1 = 47.8550 Philippine pesos)

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