JFC Q1 net income dips but sales climb

Jollibee Foods Corp. (JFC) reported a first-quarter net income of P2.5 billion, a 7.5% decrease from the previous year, attributed to increased costs and a 56% rise in advertising and promotions spending.

Despite the profit dip, JFC's system-wide sales surged by 18.9% to P103.2 billion, with a 5.5% same-store sales growth rate.

Consolidated revenues increased by 14.6% year-on-year, alongside a 17.6% rise in operating income and a 30 basis points margin expansion.

The company's domestic business saw strong growth, with Mang Inasal sales up 15.3%, followed by Jollibee at 13.3% and Chowking at 9.9%.

Internationally, JFC's business expanded by 29.5%, notably boosted by the acquisition of Compose Coffee in South Korea.