Metro Manila, Philippines, August 8, 2023 – Jollibee Foods Corporation (PSE: JFC) – Financial Results for the Second Quarter and First Half Ended June 30, 2023 Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, today reported its financial results of operations for the second quarter and first half ended June 30, 2023, based on its Unaudited Consolidated Financial Statements.

System wide sales (SWS), a measure of all sales to consumers, both from company owned and franchised stores grew by 16.9% in Q2 and 23.3% in the first half of 2023 compared to same periods last year. Revenues grew in line with system wide sales.

For the quarter, system wide sales of the Philippine business grew by 14.5% while international business increased by 20.9%, fueled by the China business which posted a growth of 76.9%. SWS of North America and EMEA Philippine brands grew by 15.1% and 16.1%, respectively. SWS of JFC’s coffee and tea business increased by 11.0%. The Jollibee brand, which has over 1,600 stores globally and accounts for 49.0% of JFC’s SWS posted a robust growth of 16.0%.

Global same store sales (SSS) for the quarter increased by 9.0% driven by a 6.5% growth in transaction count or volume and a 2.4% growth in average check. Performance across regions/ brands was mixed.

The Philippines grew by 11.3% driven by improvement in volume or transaction count (7.1%) and increase in average check (3.9%). International SSS% grew by 5.0%, led by China (35.3%), EMEA Philippine brands (5.1%) and North America (2.6%). SSS% of JFC’s coffee and tea business declined by 1.8%. CBTL was -0.4% due to high-base effect, particularly for Singapore and Malaysia where coffee sales in Q2 2022 rebounded from pre-pandemic levels driven by the reopening of international borders. Highlands Coffee saw its SSS% fall 7.5% due to weak demand.

JFC’s strong topline performance translated to a record operating income of Php4.0 billion for the quarter, significantly contributed by the Philippine business. This represents a year-on-year increase of 31.0% and a margin improvement of 70 bps, from 5.9% of revenues in Q2 2022 to 6.6% in Q2 2023. The results for the quarter and the first half reflected the impact of inflationary pressures, with cost of inventories increasing by 40 bps. This was however, offset by an improvement in store and manufacturing costs and general administrative expenses which fell by 40 bps and 70 bps, respectively.