Jollibee slashes 2026 store expansion goal, spending targets

Jollibee Foods Corp. (JFC) has lowered its new stores opening and capital expenditure targets for the year amid cost challenges.

In a disclosure to the Philippine Stock Exchange, JFC said it is targeting to open 1,000 to 1,100 new stores by the end of 2026, lower from its previous goal of 1,200 to 1,300.

Moreover, the quick service restaurants conglomerate also slashed it capex at ₱13 billion to ₱15 billion, from an earlier range of ₱13 billion to ₱16 billion.

JFC said the revised targets reflect “ongoing portfolio optimization and the timing of store openings and closures” amid a “still-dynamic cost environment.”

The lowered store openings and capex targets came after JFC saw its net income fall 13.3% to ₱4.87 billion in the first half of 2026 from ₱5.61 billion a year ago.

“We enter the second half with stronger momentum, a continued focus on sustaining margin recovery, and continued confidence in the long-term growth prospects,” said JFC chief financial officer Richard Sin.

As of the first half, JFC increased its global store network by 6.4% year-on-year to 10,767 stores, reflecting 461 gross new store openings and the addition of 172 stores from the acquisition of Shabu All Day, partly offset by 207 store closures during the first half.

The company noted that of the gross new store openings, 323 stores, or approximately 70%, were franchised, keeping the group’s franchised ratio at 70%.

JFC’s total store network comprised 3,516 stores in the Philippines and 7,251 stores internationally, including 602 in China, 340 in North America, 455 in EMEAA, 1,062 under Highlands Coffee mainly in Vietnam, 1,097 under CBTL, 358 under Milksha, 3,098 under Compose Coffee, 156 under Shabu All Day, and 83 under Tim Ho Wan. —KG, GMA News