Jollibee Foods Corporation (JFC), a food-chain operator based in the Philippines, has plans to open as many as 600 stores this year. Additionally, the company expects sales to increase by 15 to 20 percent for the full year, while expanding their store network by at least 5 percent.

In the latest financial year (FY22), the group saw a 38 percent year-on-year revenue growth, amounting to 211.9 billion Philippine pesos ($3.8 billion), with EBITA rising by 32 percent to 31.2 billion Philippine pesos ($569 million).

Ernesto Tanmantiong, the CEO of JFC, stated that the company’s double-digit sales growth last year was primarily driven by a 27 percent increase in same-store sales, 6.1 percent from new store openings, the acquisition of Milksha, and a 5.2 percent foreign currency translation gain. Despite the anticipated economic challenges for the current year, Tanmantiong remains confident that JFC is resilient and well-positioned for short-term growth.

Last year, JFC opened 542 new stores, marking its highest number of store openings in a single year. At the end of the year, the company had a global store network of 6480 locations.

In 2022, Jollibee Foods Corporation reportedly considered selling 10 to 15 percent of its stake in the Vietnamese coffee chain, Highlands Coffee. Jollibee had initially acquired a small stake in Highlands Coffee ten years ago before acquiring a controlling interest in 2017.