Jollibee Foods Corp. (JFC) announced plans to expand its flagship Jollibee brand across Southeast Asia, even as the company reported an 8.1% drop in first-quarter net income to ₱2.41 billion. The decline was mainly due to increased non-operating expenses.
In a Tuesday statement, JFC said it will continue growing its store network in Southeast Asia as part of its five-year goal to triple attributable net income.
Jollibee’s systemwide sales in Southeast Asia—excluding the Philippines—rose by 27.8% in the first quarter. The brand currently operates in Vietnam, Malaysia, Singapore, and Brunei. Last year, Jollibee opened 51 new stores in the region, including its 200th outlet in Vietnam.
“Our strong growth in international markets, especially Southeast Asia, reflects the hard work of our team and our commitment to tripling net income over five years,” said Ernesto Tanmantiong, Jollibee Group CEO and Global President.
Jollibee continues to see high demand for its popular items, such as Chickenjoy fried chicken and Spicy Chickenjoy, particularly in Singapore and Malaysia. The brand has also introduced local flavors, including Chili Chicken in Vietnam and Spicy Spaghetti in Malaysia.
Dennis M. Flores, President of Jollibee Europe, Middle East, Asia, and Australia, said, “Our focus on delivering great taste drives our growth. We are grateful to our franchisees and partners who share this mission.”
The company is also looking for new franchisees to enter untapped Southeast Asian markets.
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