Jollibee said Monday it would open 450 new stores in 2021, mostly overseas, as it seeks to recover from the COVID-19 pandemic that shut some of its stores in the Philippines.
The Philippines' largest restaurant operator suffered its first net loss in three decades in 2020 as quarantines forced people to stay at home and cut back on fast food spending.
Also in 2020, Jollibee for the first time in its history opened more overseas than local stores -- 257 in total compared to 81 locally. Of the new stores last year, roughly half are coffee shops, 115 Highlands Coffee stores in Vietnam and 55 Coffee Bean and Tea Leaf outlets.
Jollibee is spending P12.2 billion for its expansion in 2021, 22% higher than the year before.
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"We look forward to sustained recovery of the business as the world gradually returns to normalcy, aided by the introduction of new vaccines," said Jollibee CEO Ernesto Tanmantiong.
"We believe that out of this pandemic, we will emerge as a stronger business and organization," he said.
Jollibee posted net income of P2.04 billion in the quarter ended December, that's 34.5% lower than the same period in 2019. Revenues were down 29.9% to P36.7 billion.
All regions in the Jollibee Group turned a profit in the fourth quarter: the Philippines, China, North America (Philippine brands), Europe, Middle East, Africa and other parts of Asia.
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