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Jollibee Foods plans to open up to 600 new stores in 2023

Home-grown fast food giant Jollibee Foods Corp. (JFC) is planning to further expand its global presence with the opening of up to 600 new stores this year.

In disclosure to the Philippine Stock Exchange on Thursday, JFC said it plans to open 550 to 600 owned and franchised stores in 2023.

With this, the company expects its capital expenditures to range from P17 billion to P19 billion this year.

The quick-service restaurant chain’s expansion plan this year could be the biggest in its history, exceeding the record 542 stores openings in 2022.

At the end of 2022, JFC operated 6,480 stores worldwide —3,285 in the Philippines and 3,195 international.

The company booked a net income of P7.338 billion in 2022, up 33.4% from P5.502 billion in 2021 driven by P211.9 billion in revenues, which grew by 38% year-on-year.

“Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” said JFC CEO Ernesto Tanmantiong.—AOL, GMA Integrated News