Wednesday 22 May 2024
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Jollibee Foods reports +20% sales growth in N. America in Q1 2023

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MANILA, PHILIPPINES – Jollibee Foods Corporation (JFC), one of the largest and fastest-growing restaurant companies in the world, reported +20.2% Systemwide Sales Growth and +6.7% Same Store Sales Growth in North America (Philippine Brands and Smashburger), as disclosed by the company.

JFC operates several quick service restaurants in the region, led by its flagship brand Jollibee, known for its fried chicken called Chickenjoy. It also runs the burger chain Smashburger and coffee and tea chain The Coffee Bean & Tea Leaf (CBTL), which both posted strong systemwide and same store sales growth in the region.

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The JFC Group eyes North America as a key market to achieve its vision of being among the top 5 restaurant companies in the world. It plans to open 550 to 600 stores globally in 2023, through organic growth and franchising, as part of its accelerated expansion plans to meet its vision.

Jollibee North America: Continued Strong Growth and American Market Crossover

Jollibee US and Canada continued to post strong double-digit systemwide sales in Q1 2023. It ended Q1 2023 with 89 stores, opening three stores for the quarter including its first-ever double drive-thru in North America located in Orlando, Florida. Last year, it opened 11 stores, including in the iconic New York Times Square and Vancouver—its first in British Columbia, Canada.

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Outlook for 2023

Based on its target for the year, the JFC Group projects full-year global systemwide sales to be up by 15.0% to 20.0%, with same store sales growth of 7% to 10.0% and store network increase of not less than 5.0%. Operating income growth will range from 20.0% to 25.0%.

The JFC Group expects capital expenditures to be in the range of Php17.0 to 19.0 billion.

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