Restaurant chain operator Jollibee Foods Corp. said Thursday first-quarter profits and revenues returned to pre-pandemic levels.
Jollibee said in a disclosure to the stock exchange Thursday first-quarter net income jumped 1,412 percent to P2.31 billion from P153 million in the same period last year.
First-quarter system-wide sales also climbed 25.5 percent to P59.97 billion from P47.78 billion a year ago.
“Despite the challenges brought about by the surge in Omicron variant in some markets where JFC operates and the increase in prices of raw materials and energy, our business performed well and even set new record for sales for a first quarter,” Jollibe chief executive Ernesto Tanmantiong said.
Tanmantiong said system-wide sales in major markets overseas reached pre-pandemic levels, driven by continued store expansion.
Global same-store sales grew 16.5 percent in the first quarter from a year ago, while sales of domestic business were still below pre-pandemic levels as dine-in sales remained weak.
Off-premise sales climbed 57 percent from the first quarter of 2019, offsetting the decline in dine-in sales while delivery sales accounted for 20 percent of the Philippine system wide sales.
Operating income went up 33.8 percent to P1.98 billion, driven by the acceleration of profit growth in the Philippines.
Gross profit margin was slightly below year-ago level on rising inflation rate and higher freight charges.
Jollibee chief finance officer Richard Shin said the company’s raw material prices increased over the same period in 2021.
“Costs are accelerating because of higher inflation and broad-based supply chain challenges,” Shin said.
“JFC will take the necessary steps to protect its margins including implementing cost improvement and revenue management initiatives,” he said.
The fast-food giant opened 107 new stores in the first three months, but closed 58 stores, of which 14 were in the Philippines and 44 overseas.
The Jollibee group was operating 6,246 stores as of end-March, including 3,225 in the Philippines and 3,021 overseas.
Jollibee plans to open 500 stores this year.