Latest News About Jollibee Foods Corporation – September 2024

Find the latest news about Jollibee Foods Corporation, including stock performance, new store openings and corporate updates.

Table of Content

Latest News About Jollibee Foods Corporation’s Market Performance

As of the latest update, Jollibee Foods Corporation is trading at 254.0 PHP, a decrease of 0.78% in the last 24 hours.

Over the past week, JFC’s stock has dropped by 2.72% and it has seen a 4.06% decline over the past month. Year-on-year, the stock has decreased by 13.28%.

Jollibee Foods Corporation has a market capitalization of approximately 257.13 billion PHP, which has also seen a decline of 1.92% over the last week.

JFC reported earnings of 2.35 PHP per share, surpassing estimates of 2.17 PHP by about 8.42%. The net income for this quarter was recorded at 2.62 billion PHP, a huge increase of 34.67% compared to the previous quarter.

Analysts have mixed opinions on JFC’s future performance with stock price forecasts ranging from a minimum of 233 PHP to a maximum of 335.28 PHP.

The dividend yield for Jollibee Foods Corporation was reported at 0.95% for 2023, with a payout ratio of approximately 31.92%.

Latest News About Jollibee Foods Corporation’s Store Openings

Jollibee Foods Corporation has earmarked up to ₱23 billion for capital expenditures in 2024. JFC plans to open 700 to 750 owned and franchised stores this year, growing its store network by 6.3% to 6,885 stores by the end of 2023. In the Philippines, JFC has set a target to open more than 100 stores in 2024.

Jollibee North America reached a milestone with the opening of its 100th store in North America in Surrey, British Columbia, Canada.

The brand plans to add 14 new stores in the USA and Canada in 2024, building on its strong performance in Q1 2024 with 25.9% system-wide sales growth and 12.3% same store sales growth. Jollibee North America plans to have 500 stores in the US in the next five years.

Jollibee plans to quadruple its store network in China within the next five years, expanding into lower-tier cities. Approximately a third of the 700-750 new stores planned for 2024 will focus on the coffee and tea space, leveraging brands like Coffee Bean and Tea Leaf, Highlands Coffee and Milksha.

Jollibee opened its first location in Arlington, Texas on August 16, 2024, its 7th store in Texas and 74th in the US.

Latest News About Jollibee Foods Corporation’s Acquisitions and Partnerships

Jollibee Foods Corporation has signed definitive agreements to acquire a 70% stake in South Korea’s Compose Coffee Co., Ltd. and JMCF Co., Ltd. for approximately $340 million.

Jollibee’s subsidiary Jollibee Worldwide Pte. Ltd. will hold 70% of Compose Coffee, while Titan Dining Partners II Ltd. and Elevation Equity Partners Korea Limited will retain 5% and 25% respectively.

Compose Coffee is one of South Korea’s leading coffee franchises with 2,600+ stores as of June 2024. It was named South Korea’s favorite coffee shop at the 2023 Korea’s Most Loved Brand Awards.

The acquisition will make Compose Coffee JFC’s largest brand by number of stores, bringing JFC’s global store count to nearly 10,000 with over 66% outside the Philippines.

DXC Technology has secured a five-year contract with JFC to modernize its applications and accelerate digital transformation across its network of over 3,200 stores in the Philippines, North America and EMEAA.

DXC will deliver IT infrastructure and solutions including Applications, Modern Workplace, Data and Analytics and AI to support JFC’s expansion and operational complexities across regions.

In 2021, JFC announced the purchase of a majority stake in Taiwanese bubble tea brand Milksha. In 2019, JFC acquired The Coffee Bean & Tea Leaf, its largest and most multi-national acquisition to date.

JFC entered into a 50/50 joint venture with Panda Restaurant Group in 2018 to bring Panda Express restaurants to the Philippines.

In 2015, JFC acquired a 40% stake in Smashburger, a US fast casual restaurant chain, valuing it at $335 million. JFC later increased its stake to 85% in 2018.

Latest News About Jollibee Foods Corporation’s Q3 2024 Earnings

Jollibee Foods Corporation (JFC) has Maintained its Earnings Guidance for the Third Quarter of 2024, Expecting Strong Growth Across Financial Metrics:

• System-wide sales growth of 10% to 14% for the full year 2024
• Same store sales growth of 5% to 7% for the full year 2024
• Operating profit growth of 10% to 15% for the full year 2024

In Q1 2024, JFC Reported Solid Results that were on Track with Guidance:

• Systemwide Sales: ₱86.8Bn, +10.4% vs. Q1 2023
• Rolling Base: +5.5% Global, +5.7% attributed to traffic growth
• Revenues: ₱61.3Bn, +11.3% vs. Q1 2023
• Gross Profit: ₱11.2Bn, +12.1% vs. Q1 2023, 18.3% margin rate
• Operating Income: ₱4.1Bn, +13.7% vs. Q1 2023, 6.7% margin
• NIAT: ₱2.6Bn, +26.9% vs. Q1 2023, 4.3% margin

JFC’s Q1 2024 EPS was ₱2.24, up from ₱1.75 in Q1 2023. The company’s store network grew by 5.3% YoY in Q1 2024, with 57% of the global network franchised.

For the full year 2024, JFC expects 7% to 8% store network growth, adding 700 to 750 new stores with ₱20Bn to ₱23Bn in capital expenditures. The company is on track to deliver 10% to 15% operating income growth, translating to ₱15.9Bn to ₱16.5Bn.

Latest News About Jollibee Foods Corporation’s New Menu Items Recently Introduced

The Chicken Sandwich Supreme features a crispy chicken fillet topped with lettuce, tomato and a special sauce, served on a soft brioche bun. It is available as a standalone sandwich or as part of a meal with fries and a drink.

The Double Cheesy Yumburger is a new take on Jollibee’s classic Yumburger. It features two beef patties, two slices of cheese, lettuce, tomato and a special sauce, all sandwiched between a soft bun.

Jollibee has also introduced two new coffee-based drinks, the Iced Mocha and the Iced Mocha Float. The Iced Mocha is a blend of espresso, milk and chocolate syrup, while the Iced Mocha Float adds a scoop of vanilla ice cream for a creamy twist.

Jollibee now offers Chicken Nuggets in 6-piece and 10-piece servings. These bite-sized nuggets are made with juicy white meat chicken and are perfect for snacking or as part of a meal.

For dessert, Jollibee has introduced the Buko Pandan Sundae. This sweet treat combines creamy vanilla ice cream with shredded coconut, pandan jelly and a drizzle of pandan syrup.

These new menu items are part of Jollibee’s efforts to adapt to the local market and attract more customers in the UK and Europe.

The company has also invested in new store designs that incorporate contactless kiosks and external pick-up settings to enhance the customer experience.

Latest News About Jollibee Foods Corporation’s Climate Change Initiatives

As of June 2024, Jollibee has increased its solar energy capacity across its operations. The company has installed 16,800 solar panels across four major manufacturing sites in Luzon, generating a total of 9.1 megawatts of solar energy.

This initiative is expected to reduce power consumption from the grid by an average of 15% annually at these sites. Jollibee plans to increase the number of solar-paneled stores to 64 by the end of 2024.

In 2022, Jollibee achieved a 38% reduction in food loss and waste compared to a 2020 baseline, equating to a decrease of approximately 5,566 metric tons of waste.

Over half of the organic waste is now processed through bioremediation. The company is actively working on improving packaging sustainability by reducing single-use plastics and increasing the use of reusable materials. Initiatives include upsizing containers and introducing returnable packaging options.

Jollibee has reported a 21.5% reduction in energy use ratio since 2020, avoiding the release of over 5,589 metric tons of greenhouse gases through various efficiency measures such as equipment optimization and preventive maintenance.

The company Plans for reductions in energy consumption and has set goals aligned with the United Nations Sustainable Development Goals focusing on Affordable and Clean Energy and Responsible Consumption and Production.

Other Latest News About Jollibee Foods Corporation

Jollibee Food Corp. agreed to a licensing deal to open Milksha stores. Milksha is a bubble tea brand from Taiwan that Jollibee owns 51% of. 

Jollibee Group’s first quarter 2024 system-wide sales (SWS) increased 10.4% compared to the first quarter of 2023. 

Jollibee Food Corp. plans to acquire a 70% stake in South Korea’s Compose Coffee for $238 million. 

Jollibee Food Corp. led a $65 million Series C funding round for Botrista. 

Jollibee Group has made progress on its green efforts, including integrating clean energy at four of its main manufacturing sites. 

Waste recovery campaign: Jollibee Group supports the LLDA’s waste recovery campaign. 

Latest News About Jollibee Foods Corporation’s Tech Upgrades

JFC has entered into a five-year contract with DXC Technology to modernize its IT infrastructure and applications across its network of over 3,200 stores globally including locations in North America, Europe, the Middle East, Asia and Australia.

The partnership includes the implementation of a turnkey Device-as-a-Service model, which allows JFC to establish a stable and efficient in-store technology platform for both new and existing restaurants.

The new technology will replace manual business processes with user-friendly dashboards that provide insights for decision-making. Employees will benefit from increased automation and analytics leading to more efficient workflows.

A new chatbot will be introduced to assist employees in accessing information about service catalogs, end-user devices and office facilities. JFC can now create virtual models of its stores and warehouses worldwide, allowing for detailed simulations to analyze performance and preempt operational issues.

Joseph C. Tanbuntiong, Chief Business Officer of JFC, addressed the company’s commitment to maintaining high standards of food quality and service.

Latest News About Jollibee Foods Corporation’s Customer Service Improvements

Jollibee is ramping up its digital capabilities to enhance customer experiences. An aspect of this transformation involves collaborating with DXC Technology, which has been instrumental in modernizing JFC’s IT infrastructure.

This partnership plans to streamline digital transactions and improve service efficiency across its global network of over 6,500 stores. The implementation of a store in a box solution is expected to standardize technology across locations, allowing for quicker setups and improved operational workflows.

This initiative will enable Jollibee to deliver more consistent and exceptional dining experiences for customers.

The brand’s growth strategy includes enhancing its digital ordering systems to facilitate smoother transactions and better customer engagement. The company plans to align itself with global quick-service restaurant leaders by improving efficiency and customer experience through advanced technology.

Despite challenges, including a viral incident involving food quality that prompted an apology from the company, Jollibee remains committed to high standards of food safety and cleanliness.

The company closed the affected store for investigation and reaffirmed its dedication to maintaining quality across all locations.

Jollibee’s focus on customer satisfaction is evident in its efforts to enhance service quality through better training for staff and improved operational processes.

The company recognizes that slow service has been a criticism in the past and is taking steps to address this by optimizing workflows and leveraging technology to reduce wait times during peak hours.

Latest News About Jollibee Foods Corporation’s Workforce Development

In August 2024, JFC, along with the Jollibee Group Foundation (JGF) announced a partnership with the Philippine Business for Education (PBEd) and USAID to launch the YouthWorks PH program.

This initiative focuses on providing training opportunities for youth who are not currently engaged in education, employment or training. The program offers free senior crew skills training specifically designed to equip participants with the necessary competencies for jobs in the food and beverage sector.

JFC has made strides in employee development providing an average of 25.6 training hours per employee in 2023. Every employee is required to follow an Individual Development Plan (IDP), ensuring personalized growth paths within the company.

JFC has been named among Forbes’ World’s Best Employers for three consecutive years.

Employee Welfare Programs

Training sessions on unconscious bias, inclusive leadership and sexual orientation awareness have been implemented across the organization. Collaborations with local government units have led to employment opportunities for senior citizens and persons with disabilities (PWDs).

JFC is establishing a coaching culture through programs that enhance conversational skills among managers, enabling them to engage with their teams.

What’s Next for Jollibee Foods Corporation in 2024 and Beyond

In the first quarter of 2024, Jollibee reported a revenue growth of 11.3% with system-wide sales reaching Php86.8 billion. This growth was driven by a combination of same-store sales growth and new store openings.

The company plans to open 700 to 750 new stores globally in 2024, which represents an increase of approximately 7-8% in its store network.

Currently operating 100 stores across the US and Canada, the company plans to increase this number to 500 stores within five years, targeting cities with high disposable income.

In Q1 2024, Jollibee North America reported a 25.9% growth in system-wide sales.

JFC is targeting aggressive expansion in China, where it plans to quadruple its store count over the next five years. This includes focusing on tier-3 to tier-5 cities to broaden its reach in a growing market.

Sustainability remains a core focus for JFC, exemplified by its “Joy for Tomorrow” agenda, which integrates sustainable practices across its operations. The initiative addresses food safety, employee welfare, community support and environmental stewardship.

JFC’s partnership with Titan Fund II will aid in expanding food service brands across the Asia Pacific region.

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