Fast food giant Jollibee Foods Corp. said the strong growth momentum attained in the first quarter were to continue the rest of the year.
Jollibee chief financial officer Richard Shin at the firm’s annual stockholders’ meeting said the business is seen sustaining systemwide sales growth of 15 to 20 percent, same store sales growth of seven to 10 percent and store network increase of not less than 5 percent this year.
Jollibee targets to open up to 600 stores in 2023, he said.
“Our guidance is based on a track record of delivering with high probability and realism,” he said.
Jollibee’s attributable income fell by more than 10 percent in the first quarter to P2.06 billion from last year’s P2.31 billion.
Excluding the impact of the one-off gains, attributable net income grew by more than four times.
Jollibee president and CEO Ernesto Tanmantiong said its long-term growth will be driven by its dominant market leadership in the Philippines and accelerating growth of pillar markets in the United States of America and in China.
