Fast-food chain operator Jollibee Foods Corp. said Thursday net income surged 185.8 percent in the second quarter to P2.78 billion from P976 million in the same period last year as all brands bounced back with easing quarantine restrictions.
Jollibee said in a disclosure to the stock exchange second-quarter system-wide sales, a measure of all sales to consumers from company-owned and franchised stores, climbed 44.8 percent year-on-year to P73.15 billion.
Same-store sales for the Philippine business increased 51.5 percent in the second quarter on improvement in dine-in sales and continued growth in delivery sales.
The international business also increased 6.9 percent despite a 29.5-percent decline in the China business same-store sales growth due to COVID-related restrictions.
The robust second-quarter results pushed first half net income to P5.09 billion, up 352 percent from P1.12 billion posted a year ago. First-half revenues rose 33 percent to P94.9 billion from P71.3 billion.
Jollibee opened 230 new stores in the first half and closed down 130 stores. It was operating 6,297 stores worldwide, including 3,239 in the Philippines and 3,058 overseas as of end-June.
“We are pleased with our strong top line growth led by our Philippine business which delivered better-than-expected sales for the second quarter and got back to its pre-pandemic sales level. We are encouraged to see further improvement in dine-in sales while at the same time sustaining growth in our delivery business,” Jollibee group chief executive Ernesto Tanmantiong said.
Tanmantiong he expected the domestic business to sustain its growth momentum and overseas stores to register faster sales and profit growth.
Jollibee group chief finance Richard Shin said gross profit margin climbed to 17.9 percent in the second quarter from 16.8 percent last year despite cost pressures.
Shin said the 2.2-percent increase in cost of inventories from cost pressures on raw materials and higher freight was offset by a 3.3-percentage point reduction in store and manufacturing costs as a result of effective pricing actions and operational efficiencies implemented by the company.