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BRIEF-Jollibee Foods Expects Sales Will Continue To Be Much Lower In Next Few Months

Published 05/22/2020, 11:12 AM
Updated 05/22/2020, 11:20 AM
JFC
-

May 22 (Reuters) - Jollibee Foods Corp JFC.PS :
* TO SPEND 7 BILLION PESOS TO IMPLEMENT SIGNIFICANT CHANGES
TO
GLOBAL BUSINESS STRUCTURE
* CHANGES WILL INVOLVE RATIONALIZATION OF NON-PERFORMING
STORES,
STORE NETWORK, SUPPLY CHAIN FACILITIES AMONG OTHERS
* EXPENSE PROVISION FOR TRANSFORMATION TO BE SET UP IN Q2
2020 &
INCURRED MOSTLY WITHIN 2020
* PLANNED CHANGES WILL TAKE PLACE MOST IMPORTANTLY IN
PHILIPPINES,
CHINA & NORTH AMERICA
* OVERALL SAME STORE SALES GROWTH AT CO-OWNED STORES SINGLE
DIGIT
TO DOUBLE DIGITS IN RECENT WEEKS
* CO'S BRANDS IN DIFFERENT PARTS OF WORLD EXPECTED TO BE
QUITE
RESILIENT
* DELIVERY-TO-HOME & OFFICES BUSINESS AT JFC GROUP CONTINUES
TO
GROW SIGNIFICANTLY
* ESTIMATE THAT CO'S PROFIT FOR 2020 "WILL NOT BE GOOD AT
ALL" DUE
TO OVERALL ECONOMIC ENVIRONMENT
* EXPECTS TO OPEN WORLDWIDE TOTAL OF 171 COMPANY-OWNED NEW
STORES
IN 2020
* PLANNED CAPITAL EXPENDITURES FOR 2020 BEING REDUCED BY 63%
* IN NEXT FEW MONTHS, EVEN AS LOCK DOWNS BEGIN TO BE LIFTED,
FORECAST SALES WILL CONTINUE TO BE MUCH LOWER

Source text https://reut.rs/3bSfZcy
Further company coverage: JFC.PS

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