Image via WikipediaMANILA, Philippines—Fastfood giant Jollibee Foods Corp. grew its third-quarter net profit by 31.8 percent to P711 million from a year ago on higher retail sales and better margins from its worldwide restaurant network.
This brought JFC’s nine-month net profit to P2.15 billion, up by 16.2 percent year on year, on the back of P38.42 billion in revenue.
JFC chief executive officer Tony Tan Caktiong disclosed to the Philippine Stock Exchange on Thursday that sales were robust in practically all brands led by a double-digit growth rate in the turnover of its flagship Jollibee brand.
“Today, more people eat in each Jollibee store in the Philippines than in each of the past two years due to higher product value appreciation as rated by consumers in market research,” he said.
Systemwide sales—a measure of all sales to consumers—amounted to P16.88 billion in the third quarter and P50.79 billion for the nine-month period, both up by around 10 percent. Philippine sales rose by 7.7 percent while foreign sales grew by 20.5 percent year on year in the quarter.
http://business.inquirer.net/money/topstories/view/20101111-302711/Jollibee-net-P711M-in-Q3-up-by-32
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