Jollibee's profits rise even as customers fail to hike store visits

MANILA, Philippines - Jollibee Foods Corp., the Philippines’ largest fastfood restaurant operator, said earnings rose even though customers visited stores “as frequently as they did" during the third quarter of last year. In a report to regulators, Jollibee Foods said its earnings from July to September climbed 4.6 percent to P513 million as revenues increased 14.3 percent to P10.828 billion and system wide retail sales jumped 11.6 percent to P14.062 billion. “In the Philippines, same store sales grew in practically all our branches and in all regions. Based on our market research, consumers ate during our last quarter about as frequently as in the same period last year and spent little bit more due to inflation. The continued expansion of our store network also added to our sales growth," said Tony Tan Caktiong, Jollibee Foods chairman and chief executive officer. However, for the first nine months of the year, Jollibee Foods said its bottomline slipped 9.7 percent to P1.638 billion. The Jollibee Group of Companies has opened a total of 117 stores in the first nine months of the year in the Philippines, China, and other parts of the globe. Besides Jollibee, the company also operates Red Ribbon, Greenwich, Chowking, Manong Pepe’s, Delifrance in the Philippines. In China, it runs Yonghe King, also a fastfood chain. Shares of Jollibee shed P0.50 to P39.00 during Wednesday’s trading at the Philippine Stock Exchange (PSE). Among its top 100 shareholders include Tan Caktiong, Ysmael Baesa, the company’s chief financial officer (CFO), and businessman Antonio “Tonyboy" O. Cojuangco. - GMANews.TV