Jollibee Q3 Systemwide Sales Rose 51%, Store Network Reached 6,351

This is an English adaptation of a FoodBud historical article originally published on November 24, 2022.

In early November 2022, Philippine foodservice group Jollibee reported third-quarter results with systemwide sales of PHP77.75 billion, or about RMB9.8 billion, up 51.3% year on year.

Revenue was PHP55.45 billion, or about RMB7.0 billion, up 49%. Net profit was PHP2.32 billion, or about RMB300 million, up 70.5%.

FoodBud had previously summarized Jollibee’s brand portfolio and development history. As of September 30, 2022, Jollibee operated 6,351 stores globally.

Philippines remains the core market

Jollibee originated in the Philippines, and the market remains its base. More than half of the group’s stores are in the Philippines.

As of September 30, 2022, Jollibee Group had 3,238 stores in the Philippines. Within that total, Jollibee had 1,183 stores and Chowking had 560 stores.

China portfolio: Yonghe King, Hong Zhuang Yuan, Tim Ho Wan

Jollibee’s brands had 486 stores in China:

• Yonghe King: 418 stores
• Hong Zhuang Yuan: 55 stores
• Tim Ho Wan: 13 stores

Jollibee had previously obtained the China agency rights for Dunkin’ Donuts, a brand under Inspire Brands, and had opened 7 Dunkin’ Donuts stores in China. However, all of those stores were closed during January to September 2022.

Jollibee CFO Richard said the Dunkin’ Donuts China agency rights did not help the group expand the market more effectively, and the project was not profitable, so the company decided to shut it down.

Coffee and tea brands are increasingly important

Jollibee’s coffee and tea portfolio is also worth watching. Its main coffee brands are The Coffee Bean and Tea Leaf and Highlands Coffee, while its milk tea brand is Milksha.

Store counts were:

• The Coffee Bean and Tea Leaf: 1,053 stores
• Highlands Coffee: 562 stores
• Milksha: 278 stores

Highlands Coffee and Vietnamese pho brand PHO24 sit under the SuperFoods group.

Q3 sales contribution by business

In the third quarter, the Philippines contributed 58% of overall systemwide sales.

The Coffee Bean and Tea Leaf contributed 10.4%, equivalent to nearly RMB1.0 billion in systemwide sales. SuperFoods contributed 2.8%, while Milksha contributed 1.7%.

SuperFoods recorded the highest same-store sales growth, at 177.1%.

Related FoodBud coverage referenced in the original article included Jollibee’s development into a global restaurant group with more than 6,000 stores, and its acquisition of the remaining equity in Hong Kong dim sum brand Tim Ho Wan.