Fast food giant Jollibee Foods Corp. expects growth rates to narrow down starting in the second quarter of 2023 versus the previous quarters due to the high-base effect.
Jollibee chief finance officer Richard Chong Woo Shin said during the company’s annual stockholders meeting that while the company expects the strong momentum posted in the first quarter to continue, the growth rates versus 2022 level will decelerate due to record high base.
Shin said revenues growth for 2023 will still be driven by the continued recovery of its Philippine business and the accelerating growth of its international businesses.
“We are confident that JFC group is resilient and well positioned to drive near term growth despite macroeconomic challenges. We have clear priorities on profitability while we continue to invest strategically for long term growth and value for shareholders,” Shin said.
JFC earlier projected full year system-wide sales to go up by 15 percent to 20 percent, with same store sales growth of 7 percent to 10 percent.
Store network is also expected to increase by not less than 5 percent while operating income growth will be in the range of 20 percent to 25 percent.