what is the business model of jollibee

About Jollibee

Jollibee is the largest fast food chain brand in the Philippines, operating a network of more than 1,500 stores in 17 countries. A dominant market leader in the Philippines, Jollibee enjoys the lion’s share of the local market that is more than all the other multinational fast food brands in PH combined. With a strict adherence to the highest standards of food quality, service and cleanliness, Jollibee serves great-tasting, high-quality and affordable food products to include its superior-tasting Chickenjoy, mouth-watering Yumburger, and deliciously satisfying Jolly Spaghetti among other delicious products.

Jollibee has embarked on an aggressive international expansion plan, with more than 270 international branches in the United States, Canada, Hong Kong, Macau, Brunei, Vietnam, Singapore, Malaysia, Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, Bahrain, Italy, Spain, and in the United Kingdom.

Our Business

Jollibee Foods Corporation’s (“JFC” or the “Company”) core business is the development, operation and franchising of its quick-service restaurant brands. It offers a wide variety of affordable and delicious dishes and great tasting food prepared to satisfy customers of all ages and from all walks of life.

Food quality, service, price-value relationship, store location and ambiance, and efficient operations continue to be critical elements of the Company’s success in the quick-service restaurant industry.

Click to view more information about our Core Values and about Our Mission & Vision.

Our Food, Service, and Cleanliness (FSC) Standard

Jollibee’s phenomenal growth owes much to its strict and committed adherence to high standards as symbolized by “F.S.C.”: Food (F) served to the public must meet the company’s excellence standards or it will not be served at all; the Service (S) must be fast and courteous; Cleanliness (C), from kitchen to utensils, must always be maintained. Jollibee is proud of its employees who carry out their jobs.

Our Mission & Vision

Core values.

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Jollibee's Growth: The Recipe to Brand-Building Success

This article was originally published in the Brand Finance Philippines 30 2024 Report

Jollibee has recorded remarkable growth this year, rising in brand value and brand strength to attain the title of second most valuable Filipino brand among those listed in our rankings. In this interview with Brand Finance, Ernesto Tanmantiong, President and CEO of Jollibee Foods Corporation, discusses the key milestones and strategies that drove the brand's growth since its humble beginnings.

Interview with Ernesto Tanmantiong

Jollibee’s brand value has seen exceptional growth over the last two years. What would you consider as defining moments or milestones in building the Jollibee brand?

Having been a part of Jollibee since our beginnings in 1978, it is humbling to see how far we’ve come. Looking back, I see two defining moments for the Jollibee brand. 

First, when the biggest global fast food chain entered the Philippines in 1981. We were warned that they would wipe out local competition and our friends advised us to close the business. We were disadvantaged in almost every aspect, from our equipment to our processes, but we had a clear and important advantage: our food tasted better. So, instead of chickening out, we served Chickenjoy. Jokes aside, Jollibee in the Philippines today is bigger than the two global fast-food players that specialise in chicken dishes combined. Today, our Chickenjoy has been voted the best fried chicken not just in the Philippines but also in the United States, Hong Kong and Singapore. This is why we are very passionate about having delicious taste – it has brought us forward despite being disadvantaged in everything else.  Hence, many things might change, but we will never change our commitment to give our customers the joy that comes with delicious food. 

Second, when we started bringing Jollibee to international markets. We first aimed at catering to the Filipino diaspora, opening in Filipino-concentrated locales to bring them a taste of home. As we expanded, we discovered that delicious taste knew no boundaries and that we could appeal to people across cultures, ages and countries. Soon, we started catering to the mainstream non-Filipino market in each country and today, 80% of our customers in the United Kingdom are local non-Filipinos and over 60% and 70% in Hong Kong and Singapore respectively. In Brunei, the number reaches 95%, and in Vietnam, it’s almost 100%. We’re just getting started with our international journey, as we aim to make Jollibee a mainstream favorite worldwide.  Ultimately, these milestones would not have been possible without the determination of the men and women of Jollibee, past and present, who have built a brand that our customers love and can all be proud of. They are the driving force of our growth today and our growth in the future. 

What are some key trends you envisage as being the most important in the Philippine restaurant market, Jollibee’s home, and biggest market, as well as globally, over the next three years, and how can restaurant brands respond to these?

Our customers today have become even more discerning. They look for delicious food but at the same time, prioritise value and convenience. We’ve responded to this new need by introducing new menu and product innovations, such as Jollibee’s Chicken Sandwich, as well as offering new specialty drinks like coffee blends.  We also address inherent needs – for example, their need to eat together as a family or with friends; hence, our brands offer meal combinations for varying group sizes for more excellent value for our consumers. We also provide product options for our customers, such as our Mix and Match , to give them the choice to create their own product combinations. Amidst inflation, we continue to find efficiencies in our processes to keep prices competitive for our customers. 

Our customers today expect a seamless experience. Restaurants need to ensure a seamless experience for their customers across various channels, including digital platforms, and we need to leverage on technology and AI to make the customer experience easier, faster and more delightful. This means mapping out our customer journey to address both their current and anticipated needs. We continue to beef up our digital capability and technology investments, knowing that these will constantly evolve, and we are gearing up to be agile as we go through the journey. 

As consumers become more value-driven and presented with plenty of food options, they also look for ways for their loyalty to be rewarded. We are continuously strengthening our loyalty program to not only attract new customers but more so to award our existing customers who are in the best position to be our brand ambassadors. Our learning is always to stay attuned to the needs and wants of consumers, while not losing sight of the core of the business. For us, our focus is to serve great-tasting food, and even with all the pivots that have been made, it’s the dedication to exceptional taste that will keep our customers coming back. 

With Jollibee looking to expand further globally, how has the brand fostered strategic alliances, and what role have these partnerships played towards its expansion objectives?

We often say that the secret to our success is the strong team we’ve fostered throughout our 46 years in the business. This team includes not just our employees but also our many franchisees, business partners and suppliers who have helped build our brand’s success. 

Our relationships with franchisees and business partners become even more critical as we accelerate our global growth through franchising. Investing in our current franchisees’ success helps us attract new franchisees, while deepening collaboration with top-tier partners and growing our supplier network also supports our growth ahead. 

How do you see the role of the Jollibee brand in attracting and retaining top-tier talent?  

Many have said that the culture the Jollibee Group has is unique and special. Our name encapsulates the essence of this culture that attracts and keeps talents with the company. Our name Jollibee comes from two words: ‘bee’ to represent our people working hard to produce sweet things in life and working hard through teamwork as a whole hive as well as ‘jolly’. We added ‘jolly’ because, as my brother and our founder Dr. Tony Tan Caktiong says, “if you’re working hard but are not happy, then it’s not worth it.”

More than being a place to work at, we aim to build an organisation where talents find and choose joy. Our joyful culture and employer brand have helped us attract strong talents from around the world and have also allowed us to be recognised with accolades such as the Forbes’ Best Employers, Gallup Exceptional Workplace Award and TIME Magazine’s World’s Best Companies. 

Social responsibility and sustainable practices are increasingly important to stakeholders. How has Jollibee integrated sustainability initiatives into its brand strategy?  

Like many Philippine-based companies, we continue to grow in our sustainability journey. As part of this journey, we launched our sustainability agenda, Joy for Tomorrow, where we’ve defined our three pillars: Food, People and Planet.  

Through our Jollibee brand, we’ve pioneered and instituted several sustainability initiatives. One of these pillar initiatives is our Food, Service, Cleanliness (FSC) Program and System. Every year, we conduct thousands of food, service and cleanliness audits in our restaurants globally. Our efforts to quality were recognised with the highest rating for exceptional Food Safety & Quality Practices at the 9th International Best Practice Competition. 

Jollibee also has a policy not to advertise directly to children 13 years of age and below as part of our commitment to Responsible Marketing.

Finally, as we incorporate inclusive business practices, our Farmer Entrepreneurship Program has empowered over a thousand smallholder farmers to supply ingredients such as tomatoes and onions directly to Jollibee, increasing their income and improving their livelihood. These ingredients form part of products such as our Yumburger and Jolly Spaghetti, both of which are Jollibee’s bestsellers and are enjoyed by millions of our customers. 

We acknowledge that there’s a long road ahead, but we remain committed to having sustainability as one of Jollibee’s backbones. 

Brand Finance Philippines 30 2024

More insights on brand valuation, new report: the middle east's top 150 brands revealed, telus' brand evolution: a journey of purpose, innovation & community impact, clicks: innovating for customer value and sustainable growth, capgemini: unlocking business value through strategic partnerships and sustainability focus, mashreq’s customer centric approach: setting standards for the middle east banking landscape, show me the money - and a commitment to sustainability, mb bank: a journey of innovation and sustainable growth in vietnam's banking landscape, driving africa's transformation: equity group's legacy of resilience and purposeful growth, about the authors, brand finance.

Brand Finance is the world’s leading independent brand valuation and strategy consultancy. Headquartered in the City of London, we are present in over 20 countries.

For almost 30 years we have helped companies and organisations of all types to connect their brands to the bottom line.

Mr Ernesto Tanmantiong

Mr Ernesto Tanmantiong is the President and CEO of Jollibee Foods Corporation.

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Jollibee Foods Corp – Strategy, SWOT and Corporate Finance Report

• Published: May 2023
• Report Code: ML1247730SA

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Jollibee Foods Corp – Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company.

Key Highlights

Jollibee Foods Corp (JFC) is the franchising of quick-service restaurants (QSRs). The company also develops and operates QSRs restaurants. Additionally, it engaged in manufacturing and property leasing activities in support of the QSR systems. The company also operates delivery service anytime. Its product portfolio comprises beverages and desserts, breakfast foods, chicken, kid’s meals, and snacks including burgers, noodles, sandwiches, and slides. It also provides services including food delivery, food store services, and event celebration. Jollibee primarily operates in the Philippines, Singapore, Hong Kong, the US, Vietnam, Canada, the UAE, Oman, Italy, Bahrain, and China. The company is headquartered in Pasig, Rizal, Philippines.

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Table of contents, list of tables.

Table 19: Jollibee Foods Corp: Strategy and Operations

List of Figures

Figure 7: Jollibee Foods Corp: Partnership Volume and Value Trend (2019 – YTD*2023)

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Jollibee SWOT Analysis (2024)

Company: Jollibee Founders: Tony Tan Year founded: 1978 CEO: Ernesto Tanmantiong Headquarter: Pasig, Philippines Employees (2022): 12,831 Type: Public Ticker Symbol: JBFCF Annual Revenue (FY 2021): PHP 153.5 Billion Profit | Net income (FY 2021): PHP 5.98 Billion

Products & Services: Beverages | Desserts | Breakfast foods | Chicken | Kid’s meal | Snacks Competitors: Burger King | Subway | KFC | McDonalds | Uber eats

Did you know? Jollibee began as an ice cream shop before it evolved into one of the largest food chains in Asia.

Table of Contents

Jollibee Strengths

1. A strong brand name

One of the key things that make Jollibee stand out is its strong brand name. The company is easily recognizable from the logo and name. That means customers are more likely to recall the products and services on offer. A strong brand name forms the basis for creating customer loyalty .

2. High-quality food

Jollibee does not just offer any kind of food. The company manages to get repeat customers because of its high quality and tasty food. Its foods have a unique taste, which is often better than or equal to other international brands. The company’s secret recipe continues to help it prepare high-quality food.

3. Variety of food items

Jollibee has a strong standing because of its ability to provide a variety of foods. Customers can get a hamburger, chicken, burger, pizza and spaghetti. All these food items are prepared using a very successful recipe.

4. Among the best employer world

F&B Report ranks Jollibee as one of the best employers worldwide . That is a major thing for the company because it means it can retain its employees for a long time. In return, the management gets to focus on company development and less on sourcing for new staff. Employees staying in the company for a long time also speak positively to the customers. They get to see that this is a stable brand that they can trust.

5. Broad network

Jollibee has a wide network that cuts across different countries, including Vietnam, the UK, Singapore, Canada, the USA, Malaysia, UAE, Saudi Arabia, and many other countries. The company is estimated to run a total of 1500 stores across these countries and 70 stores in North America. Thanks to the broad network, it has a stable supply of raw materials that ensure it delivers products on time.

6. Customer loyalty

There is nothing as good and powerful as a business establishing customer loyalty. When you have loyal customers, you are assured of making a sale despite how tough your competition may be. That is the case with Jollibee. The company enjoys a very loyal customer database because of the quality of service and food offered.

7. 24/7 services

Jollibee stores across the world are open 24 hours a day, seven days a week. Such a company policy of keeping its doors open always means they have the best position to serve customers. That gives customers a sense of confidence and dependability on the company since they know they can enjoy their meal any time they want to. Even though the stores are open throughout, Jollibee ensures its workforce has flexible hours as they follow a shift program to remain operational.

8. Ongoing employee training program

Jollibee believes that the success of its retail stores depends on employee empowerment. That is why they run an employee training program that helps with skills enhancement. Anyone working at the company is encouraged to better themselves through ongoing learning and skills acquisition. These skills can then be seen in how customers are handled and food is served.

9. Revamped marketing strategies

Jollibee has invested in gathering data that gives it a better understanding of its customers. Based on this, they have managed to deploy effective marketing strategies that increase brand awareness and expand on the target audience.

Jollibee Weaknesses

1. Supply and demand imbalance

Jollibee has many stores locally and across the world. Due to this, sometimes, the company has a hard time balancing demand and supply. There are times when food items could go out of stock because of demand being too high.

2. Inaccessible in some areas

Even though Jollibee runs effective marketing to get more customers, there are places where the franchise hasn’t opened. That means potential customers have to travel a long distance to reach. Due to this disparity in distribution, the company loses out on many customers.

3. Health consciousness

The world is becoming increasingly conscious about the meals that they take. That means some of the foods on Jollibee’s menu end up being labeled as unhealthy, which can cause obesity and health issues. In return, this affects the company’s sales.

4. High-end prices

The foods offered at Jollibee have a premium price tag. The majority of the customers do not have the financial strength that would allow them to afford some of these foods. They end up visiting low-priced brands.

5. Lack of technological investment

A look into Jollibee’s food preparation process shows that the company is yet to adopt modern technologies. Even though the conventional approach is not entirely bad, it can sometimes have lots of inefficiencies. The company can become more efficient by adopting tech automated cooking.

Jollibee Opportunities

1. E-commerce

Jollibee stands an opportunity to take the company to the next level by embracing e-commerce . Investing in online deliveries can help increase sales since customers can get meals at the convenience of their homes.

2. Global expansion

As marketing increases Jollibee’s brand awareness, expanding in new territories means a chance to service a new set of customers. The growth potential will make Jollibee get better known worldwide as it increases sales. Jollibee has opened 314 new stores internationally in 2021. 

3. Innovativeness

One thing that gives Jollibee a premium price tag is the unique taste of its food. As it capitalizes on this, it can also look into new food trends involving vegan and healthier diets . The company can evaluate ideas on how to tweak its menu around to remain competitive through ongoing innovation .

Jollibee Threats

1. Unpreparedness to remain operational in the event of another pandemic

2. Stiff competition from low-priced brands

3. Call for healthier diets

4. A limited menu that requires the addition of more food items

 References & more information

Featured image by  GoodEats YQR

 Tell us what you think? Did you find this article interesting? Share your thoughts and experiences in the comments section below.

Brianna Parker

She is a creative writer, corporate storyteller and global brand consultant, who has a unique combination of a business and creative mindset.

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Filipino Fried Chicken Giant Jollibee Has Ambitious Growth Plans for the U.S. and China

O n the night of Jan. 17, a line of people began to form on Colonial Drive in Orlando, Fla. They weren’t waiting to enter a nightclub or a concert, but to be the first customers of a branch of Philippine fried chicken chain Jollibee opening the next day. It was a similar scene to when Jollibee’s flagship U.S. store opened in August 2022 at Times Square in Manhattan.

To some, the fanfare may be mind-boggling. But the company, with its iconic fried chicken product called the “Chickenjoy,” is the Philippines’ answer to the fast food giants of the U.S. The average American already eats an estimated 100.6 lbs of chicken annually, and deep frying it is a backbone of American Southern cuisine. Even in the face of competition from Chick-Fil-A, KFC, and McDonald’s, Jollibee has managed to carve out its own niche in the fried chicken market and winning over the U.S. palate , thanks in part to the more than 4 million Filipino-Americans who crave the taste of home that might include a chicken dish with a side of spaghetti.

What started out as a ice cream parlor founded by Chinese immigrants in Manila in the mid-1970s has since expanded into a multi-billion dollar empire, managing 17 food brands—including Panda Express and The Coffee Bean and Tea Leaf from the U.S., as well as Hong Kong dim sum chain Tim Ho Wan—and more than 6,300 stores across 34 territories, almost a quarter of which are Jollibees. Jollibee Foods Corporation (JFC), the umbrella company, is one of the biggest restaurant chains in the world.

The Orlando branch may be one of 66 Jollibee stores in the U.S. since first opening a shop in Daly City, Cal. in 1998, but even in a post-pandemic world and in the face of an anticipated recession, the company still wants to aggressively grow its food service footprint. It plans to open 500 stores in North America in the next five to seven years, and even expand into China, an economy that is only just emerging from swingeing COVID-19 restrictions.

“The recession and economic downturns are short-term, and it’s temporary,” JFC president and CEO Ernesto Tanmantiong says, adding that its smaller global footprint relative to U.S. fast food rivals can still insulate the company from any future shocks. “But because our vision is long term, and we believe we can do it, therefore we stick to it.”

Tanmantiong, brother of Jollibee founder Tony Tan Caktiong, spoke to TIME about the company’s global expansion plans, its struggles in entering the Chinese market, and the evolution of the home-grown Filipino business.

The interview has been condensed and edited for clarity.

The brand has evolved from just this ice cream parlor into a local restaurant, and now it’s a growing Philippine brand. And the Filipino identity is so latched on to it. Was it a conscious decision on JFC’s part to promote or stick to the Filipino identity of Jollibee?

I think, in a way, it was just an evolution. There was no deliberate plan to do that. But I think because we are born here, we live here, so we live the Filipino values. And our corporate values in a way are quite aligned with Filipino values and practices. So we have, for instance, in our corporate values, the customer focus, I mention the spirit of family and fun, integrity, and teamwork with excellence—so all of these are actually Filipino values. And so we put that into the corporation, and we ask everyone to live with it.

What made you decide to go up against McDonald’s?

When friends were advising us to go into other businesses, we started trying to look back and do some strategic planning. And then we tried to do some competitive gap analysis. So we try to write down what are the advantages of McDonald’s versus us. And what’s the advantage of Jollibee against them? When we look at the advantages of McDonald’s, it’s a long list—more than one page. And when we look at Jollibee, what’s the advantage of Jollibee over McDonald’s: only one item. That is the product’s taste, because American products usually are bland. And then we said, “Okay. These are the advantages of McDonald’s. Can we overcome those advantages and make it even at least parity?” And we said yes, because actually, the most difficult part is the product. The others are easy to do: service, cleanliness—these are easy to do and to learn. Over time, we closed the gap of those advantages of McDonald’s. And fortunately, they were not able to close the gap on taste.

How did you come up with the idea of Chickenjoy?

The Chickenjoy came out because after the hamburger [Yumburger], we said that to be able to grow to a bigger customer base, we need more products. And fried chicken is a popular product in the Philippines. So we started with the fried chicken. But in the early years, there was still some tweaking on product development, until sometime in 1981, when we were able to almost, say, perfect the product.

So the recipe in ’81 is still the recipe used today?

Yes. That’s why [we have] the joke: instead of chickening out against McDonald’s, we serve Chickenjoy.

You’re expanding in the United States and in China. And I’m very much surprised as to how you’re dealing with fried chicken in its home turf. You’re going to be battling it out with a lot of these U.S. brands. You’re saying at least 500 stores in the next few years. How are you planning to do that?

Yeah. Fortunately, we have a very strong superior product of Chickenjoy against all the other fried chicken in the U.S. And recently, we were awarded as the best fried chicken chain in America by Eater.com. And they pit us against Popeye’s, the big players in the U.S. And so it confirms, validates our belief that we have strong products, and therefore we can win the competition over time.

We started Jollibee in the U.S. by first penetrating the Filipino market. And as we built the brand, we started to go to crossover locations. What we mean by “crossover” is a mixture of Filipino community and local mainstream markets. So far we have been successful in that stage. So we believe that we are now ready to go to the bigger market of mainstream by continually expanding in crossover locations today.

More from TIME

You are appealing to the filipino customer base. is there an awareness on jollibee’s part that the expansion of your business seems to rest on the back of the filipino diaspora you’re talking about 4 million filipinos alone in the united states. was that a conscious choice when it came to entering the american market.

Yeah. That was a deliberate move, because we don’t yet have the brand name in the U.S. to the mainstream market. And so we capitalize on the support of the Filipino market. Fortunately, our kababayans [countrymen] are very supportive. They were actually our brand ambassadors. For instance, when we first opened our first store in Queens, New York, it was on February 14. It was winter. And that year, there was a blizzard. But despite the blizzard, the first day opening, we had long lines that queued up to four blocks [away] from the store. And then there was this American New Yorker who passed by, curious about the line and asked a Filipino in the line and said, “What is this? Who is Jollibee?” So obviously, the Filipino was so proud, trying to sell who Jollibee is. And finally, the New Yorker was convinced.

You’ve been quite aggressive in your expansion—we’re not just talking about Jollibee anymore. I’m talking about JFC: you’ve acquired Smashburger, Coffee Bean and Tea Leaf. People are predicting recessions in 2023. And yet, you have Jollibee with all of these plans, trying to spur even more growth. I’m curious, are you not at least worried or scared about what the effects of the recession might be?

If you look at the U.S. market, we’re still very small. So I think we are not yet that sensitive to the U.S. economy. Because the market is still big for us, it would have been a different story if we already saturated the entire U.S. and therefore, once the economy goes down, we immediately suffer. So we think we still have a big market for us as we expand.

China is a very interesting country in the sense that it has been roiled by lockdowns, especially with the “zero-COVID” strategy over the past two years. You’ve previously said that JFC aims to open at least 100 stores or brands under the JFC belt in China this year. Since late last year, China is reopening. I want to get what your business strategy would look like for that region in the coming year or five years.

We see a China situation similar to the Philippines. We experienced the COVID lockdown in 2020. They are experiencing that starting last year. So their situation last year was like our 2020. And with the sudden opening of the economy, we expect this year to start recovering. We hope that it will be a similar situation as last year in the Philippines where people will start coming out, revenge spending, revenge travel . So we are quite optimistic with China in 2023. We actually opened our first Tim Ho Wan store in China. Despite COVID, it was very successful. And so that’s why we made an announcement that we’re going to open 100 stores of Tim Ho Wan in the next few years.

We’re quite bullish with China. Everyone is anxious about it, to see whether it’s a full recovery or a partial recovery for China.

It’s very difficult for the Jollibee brand to get a foothold in China. There were branches open before but they struggled staying there. There was a branch in Shenzhen in 2008. Do we know what happened to that? Where is Jollibee—just the restaurant, not the food company—where is it now in China?

You’re right. We attempted to enter China actually, twice with the Jollibee brand. I think one was in the mid-1990s. The first was in Xiamen, then the second attempt was in Shenzhen. I think at that time we entered too early. And we didn’t do our homework well. And that’s why after those two failed attempts, we decided maybe the Jollibee brand is not yet ready. Instead of bringing Jollibee to China, let’s instead acquire local chains. And that’s why today we have Hong Zhuang Yuan, a Beijing congee chain. And then we have Yonghe King. And then recently, we brought in Tim Ho Wan. But it doesn’t mean that the Jollibee brand will never enter China. Recently we [have been] quite successful in Hong Kong.

Where do you see JFC five years from now?

Our vision is to be [among the] top five restaurant companies in the world. Before COVID, we were almost close to the top 10. By the way, our measurement is based on market cap. But with COVID, where the Philippines was badly hit, our rank went down to as far as number 18, during that time. Today, we’re back to about 13. And so our North star, our aim, is to be top five. But we think that cannot be achieved in five, 10 years. It’s a long term strategy. So in the next five, 10 years, we hope to be closer to the top five, maybe within the [top] six to 10 in the world.

Also today, 60% of our revenue comes from the Philippines. Medium-term we want to achieve 50%.

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Jollibee Foods Corp - Strategy, SWOT and Corporate Finance Report

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• A study of the major internal and external factors affecting Jollibee Foods Corp in the form of a SWOT analysis
• An in-depth view of the business model of Jollibee Foods Corp including a breakdown and examination of key business segments
• Intelligence on Jollibee Foods Corp's mergers and acquisitions (MandA), strategic partnerships and alliances, capital raising, private equity transactions, and financial and legal advisors
• News about Jollibee Foods Corp, such as business expansion, restructuring, and contract wins
• Large number of easy-to-grasp charts and graphs that present important data and key trends
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Company Snapshot Jollibee Foods Corp: Company Overview Jollibee Foods Corp: Overview and Key Facts Jollibee Foods Corp: Overview Jollibee Foods Corp: Key Facts Jollibee Foods Corp: Key Employees Jollibee Foods Corp: Key Employee Biographies Jollibee Foods Corp: Major Products and Services Jollibee Foods Corp: Company History Jollibee Foods Corp: Management Statement Jollibee Foods Corp: Locations and Subsidiaries Jollibee Foods Corp: Key Competitors Jollibee Foods Corp: Company Analysis Jollibee Foods Corp: Business Description Jollibee Foods Corp: SWOT Analysis Jollibee Foods Corp: SWOT Overview Jollibee Foods Corp: Strengths Jollibee Foods Corp: Weaknesses Jollibee Foods Corp: Opportunities Jollibee Foods Corp: Threats Jollibee Foods Corp: Corporate Financial Deals Activity Jollibee Foods Corp: Financial Deals Overview Jollibee Foods Corp: Targets and Partners Jollibee Foods Corp: Top Deals 2019 - 2023YTD* Jollibee Foods Corp: Advisors Jollibee Foods Corp: Top Legal Advisors Jollibee Foods Corp: Mergers and Acquisitions Jollibee Foods Corp: Corporate Venturing Jollibee Foods Corp: Partnership Jollibee Foods Corp: Recent Developments Jollibee Foods Corp: News and Events Summary Jollibee Foods Corp: Business Expansion Jollibee Foods Corp: Financial Deals Jollibee Foods Corp: Strategy and Operations Appendix Contact Us Methodology About MarketLine List of Tables Table 1: Jollibee Foods Corp: Key Facts Table 2: Jollibee Foods Corp: Key Employees Table 3: Jollibee Foods Corp: Company History Table 4: Jollibee Foods Corp: Locations and Subsidiaries Table 5: Jollibee Foods Corp: Key Competitors Table 6: Jollibee Foods Corp: Deal Activity by Deal Type - Volume (2019 - YTD*2023) Table 7: Jollibee Foods Corp: M&A Average Deal Size - Value (US$m) Table 8: Jollibee Foods Corp: Targets and Partners Table 9: Jollibee Foods Corp: Top Deals 2019 - 2023YTD* Table 10: Jollibee Foods Corp: Legal Advisor Ranking by Value (US$m) Table 11: Jollibee Foods Corp: M&A Volume and Value Trend (2019 - YTD*2023) Table 12: Jollibee Foods Corp: M&A Activity by Geography (2019 - YTD*2023) Table 13: Jollibee Foods Corp: Corporate Venturing Volume and Value Trend (2019 - YTD*2023) Table 14: Jollibee Foods Corp: Corporate Venturing by Geography (2019 - YTD*2023) Table 15: Jollibee Foods Corp: Partnership Volume and Value Trend (2019 - YTD*2023) Table 16: Jollibee Foods Corp: News and Events Summary Table 17: Jollibee Foods Corp: Business Expansion Table 18: Jollibee Foods Corp: Financial Deals Table 19: Jollibee Foods Corp: Strategy and Operations List of Figures Figure 1: Jollibee Foods Corp: Deal Activity by Deal Type - Volume (2019 - YTD*2023) Figure 2: Jollibee Foods Corp: M&A Average Deal Size - Value (US$m) Figure 3: Jollibee Foods Corp: M&A Volume and Value Trend (2019 - YTD*2023) Figure 4: Jollibee Foods Corp: M&A Activity by Geography (2019 - YTD*2023) Figure 5: Jollibee Foods Corp: Corporate Venturing Volume and Value Trend (2019 - YTD*2023) Figure 6: Jollibee Foods Corp: Corporate Venturing by Geography (2019 - YTD*2023) Figure 7: Jollibee Foods Corp: Partnership Volume and Value Trend (2019 - YTD*2023)

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The Jollibee story: Lessons on leadership

(Last of two parts)

Like everyone else, we got hit by our biggest challenge ever in 2020. The COVID-19 pandemic affected the restaurant industry the hardest. Yet amid this unexpected challenge, we found huge opportunities. We quickly pivoted from our largely dine-in focused business to offer delivery options. We beefed up our digital capability, implementing an accelerated digital road map that helped us better understand and connect with our customers, including improved apps, delivery websites and strategic partnerships with food aggregators.

Despite the immense challenges and obstacles during the pandemic and postpandemic years, I’m happy to report that the Jollibee Group has shown strong business results. Through everyone’s hard work and dedication, our sales and operating income reached record highs in 2022, increasing by 40.2 percent and 58.4 percent, respectively, from 2021. As it was, 2021 had also been a defining achievement for the company when we returned profitability to prepandemic levels through cost restructuring and strong cost and profit management.

In 2022, we opened 542 new stores across the globe—our highest ever in a single year. And Jollibee Foods’ stock price outperformed the market with 6.3 percent growth.

As of the third quarter of 2023, we were able to outperform even the record-high quarter sales and operating income of 2022, achieving the best-ever quarter in the history of JFC.

We are likewise grateful for the recognitions we have received throughout this journey, which inspire us to work even harder.

This year, we were cited among TIME Magazine’s “World’s Best Companies.” We were also the only Philippine-based company honored with the Gallup Exceptional Workplace Award, ranking us among the world’s top organizations dedicated to cultivating a culture of engagement among its people that drives performance excellence.

The company was also named in Forbes’ list of the World’s Best Employers for three consecutive years, with the Jollibee Group being the highest-ranking restaurant company even among international restaurants and also the highest-ranking Philippine-based company in 2022.

In the United States, four of our brands—namely Jollibee, Chowking, Smashburger and The Coffee Bean and Tea Leaf—made it to Newsweek magazine’s list of “America’s favorite restaurant chains” this year. For Jollibee, on top of being named as one of the “Hottest Brands in America” in 2022, it was also named the fourth most valuable brand in the Philippines and among the fastest-growing restaurant brands by Brand Finance this year.

Sustainability agenda

While we continue to build and invest in our business, we are also investing for the future by implementing more sustainable business practices.

As we grow, we acknowledge that our responsibility and impact on the world grows as well. Early this year, we launched our Global Sustainability Agenda called “Joy for Tomorrow”, which articulates our deepened commitment to a more sustainable future through three key pillars. First is food, providing quality food that can be trusted; second is planet, treating the planet with care; and third, people: uplifting the lives of people in our communities.

One of the programs we have is the Farmer’s Entrepreneurship program, which trains small farmers how to manage their farms as a business on top of elevating their farming knowledge, and enabling them to connect with institutions, like the Jollibee Group, to directly supply produce. This has resulted in increased income and improved livelihood for these farmers. Since 2009, over 10 million kilos of produce or about P477 million of revenue has been earned by 700 farmers through this pioneering program.

Another program is the Busog, Lusog, Talino (BLT) School Feeding Program, which continues to support the Department of Education’s feeding program through the BLT school kitchens. By making sure they’re busog (well-fed) and malusog (healthy), there’s no reason why every student can’t gain talino (knowledge) at school so they can excel in life.

We have also established the Jollibee Group FoodAID disaster response program, which has provided over 12 million meals to calamity-affected communities, including those in need of food during the pandemic.

The company has evolved from a small, family-run business into a professional and global organization. I consider myself blessed to have had my own leadership journey alongside the growth of the company—from an all-around part-time store crew during my college days in 1975 to store manager in 1978, to assistant operations manager, to operations manager in 1985, to executive vice president, to president of Jollibee brand to chief operating officer of JFC Philippines and then to 2014 when I was appointed as president and CEO of the Jollibee Group.

I have learned many things on this journey, and would like to share four of them with you:

1. It is important to surround yourself with people who are competent, passionate and dedicated. We always knew we didn’t know everything and couldn’t do everything. Very early on, we worked with consultants and individuals to professionalize the company and chose people who shared the same values.

2. Share your success and prosper together. I have learned that genuine sharing is when you are willing to give even things you need for yourself, whether it be time or resources. It is important not to get caught up in your own success, but to be grateful and share it with the people who helped make it happen.

3. Always keep a positive outlook of the future. It doesn’t mean being blindly optimistic, but rather, looking for opportunities in every situation. We shouldn’t be angry at the people who bring up problems to us; we should thank them for being honest and helping us pinpoint a problem that, when solved, could make us or the company better. I take comfort in this thought that every crisis or setback comes with a learning moment to progress myself or the company.

4. Finally, it is important to always dream big with passion and commitment. From that year we set up shop 45 years ago, it was our big “crazy” dream that brought us to where we are now. We’ve encountered our own fair share of failure in the process, but thanks to our team and our shared dream, we persevered.

From our store teams to those in our commissary and distribution center, our delivery riders, and in our support functions and corporate office, to our franchisees and business partners: our hardworking and passionate people inspire us every day, share in our dream and values, and pave the road forward alongside us.

As I close my remarks, I would like to thank our JFC Board of Directors headed by our chair and founder, Dr. Tony Tan Caktiong and my siblings for their constant guidance and support. I would also like to thank my late mom who lived a full life at 94 for providing the family values of unity and hard work.

I would like to also give a shout out to this one person who stuck by me through thick and thin, and gave me the inspiration, positive energy and encouragement through all these years. She is none other than my wife of 40 years, Susan, who, by the way, was chief procurement officer of JFC for 37 years until she retired two years ago.

And to my children, thank you for understanding the demands of my job and for always cheering me on. From them to all the people of the Jollibee Group, past and present, and to our millions of valued customers, it is on their behalf that I am joyfully receiving this award.

Thank you, Management Association of the Philippines for honoring our Jollibee Group family. I hope you will continue to cheer us on as we continue to go ‘bee-yond’ borders, bringing the best of the Filipino to the world. INQ

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This was lifted from the author’s acceptance speech as the “MAP Management Person of the Year 2023” awardee. He is president and CEO of Jollibee Foods Corp. Feedback at [email protected] .

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A Filipino favorite, Jollibee aims for international growth

It’s been called the “McDonald’s of the Philippines,” and the late Anthony Bourdain dubbed it “ the wackiest, jolliest place on earth .”

Jollibee, a fast food chain based in the Philippines, has become one of the world’s largest restaurant franchises, with more than 4,000 stores in 23 countries, including 37 in the United States. (For comparison, McDonald’s has more than 37,000 worldwide and 14,000 in the U.S. )

Known for its fried chicken, sweet spaghetti and “Aloha burger,” Jollibee serves fast-food with a Filipino twist: The spaghetti, for instance, includes cheese and mini hot dogs, and the fried chicken is meant to be eaten with rice and gravy.

While Jollibee first came to the U.S. in 1998, opening locations in areas with large Asian populations including California, Hawaii and Illinois, the company’s latest investments and openings, including one near Manhattan’s Times Square, are part of a new strategy that the company hopes will make it one of the “ top five restaurant companies in the world .”

Incorporated in 1978, the company started as a pair of ice cream parlors before adding hot meals to its menu when McDonald’s announced they were coming to the Philippines.

“We told our friends back then that we wanted to compete with McDonald’s, and they told us not to confront the giant,” Ernesto Tanmantiong, Jollibee’s CEO and younger brother of founder Tony Tan Caktiong, told NBC News. “Instead of chickening out, we served Chickenjoy.”

CNBC Jollibee is the reason why McDonald's can't win the top spot in the Philippines

The company now owns 14 global brands. In February, it acquired stakes in Smashburger and fast-casual Mexican chain Tortas Frontera, both U.S.-based companies.

Arthur Dong, professor of strategy and economics at Georgetown’s McDonough School of Business, said the acquisitions gives them “a bigger media footprint into the North American market, and a push into becoming one of the biggest companies in the world.”

Dong added that Jollibee’s success in the North American market, as well as its other overseas locations, makes a huge impact on the Philippine economy.

“Any success anywhere contributes to the company’s success overall and would make Jollibee at home more successful and endure a lot more things, in terms of their future expansion opportunities,” he said.

Jollibee’s most recent opening in New York City was highly anticipated, with some customers lining up for 20 hours.

Dong said that the New York opening is a wise move in line with what some economists call the “dense market theory,” which suggests that when a franchise opens a location in an urban area with populations that reside and work in high-rise buildings, it increases the chances of one’s success because of that population density.

“It’s perfect because rather than putting a billboard up to advertise their brand, Times Square is like a billboards haven itself,” Dong said. “In cities, they go from zero to 60 very quickly because of the sheer amount of foot traffic. Because this new location is near Times Square, the result of that is they’re able to capture the attention of not only natives, but people who don’t even reside from New York City, and that gives exposure to the Jollibee menu and their concept.”

Justin Callan from the New York City neighborhood of Coney Island said that, as a non-Filipino, he has always felt welcomed at Jollibee. He and his girlfriend, Faye, were the first customers in line for Jollibee’s Manhattan grand opening on Oct. 27. “All you have to do is open up the door and let the people smell it — that’s what got me,” he said.

Jollibee executives hope to open 150 stores in the U.S. and 100 stores in Canada over the next five years.

“This is our entry into the mainstream, not just Filipino, market — we are catering to a bigger spectrum, and want to keep strengthening our foothold both in the U.S. and globally,” Tanmantiong, the CEO, said.

Dong said Jollibee also fares well with a younger, adventurous demographic. The curiosity to try new cuisines like Filipino food will draw in customers, particularly millennials, because pricing is cheaper in the fast food world, he noted.

“You’ll likely come out with a fairly decent meal for about $10,” Dong said. “As a result, that lowers a barrier or acceptance or willingness to try it because you can’t lose a lot of money as opposed to a table cloth restaurant where you put down anywhere between $80 or $100. Jollibee is easy entry into Filipino cuisine.”

News Nicole Ponseca aims to bring Filipino food 'to the masses'

The way Filipino cuisine is served and enjoyed has evolved in recent years, some chefs and business owners say.

“The option of getting Filipino food at a turo-turo joint, or in an upscale modern environment like our restaurant, or in a fast food setting like Jollibee, it’s good to see so much cultural presence for an often underrepresented population,” Sarah Mosqueda, who co-owns Irenia — a restaurant with Filipino influences in Santa Ana, California — with Chef Ryan Garlitos said, using the Filipino word referring to restaurants where customers point at what they want.

“It’s appealing to Filipinos because its offering a little bit of home, and its appealing to non-Filipinos because honestly, who doesn't like fried chicken?” she said.

Jacqueline Chio-Lauri, author of food anthology The New Filipino Kitchen , said that the nature of Filipino cuisine is “fundamentally inclusive, from the fact that it’s organically a fusion, East meets West cuisine, but also caters to individual taste by the inherent use of sauces.”

“It stands out because it’s exciting to the palate — its savory, sweet, sour, and at times spicy, funky or bitter too,” she said. “The fact that it’s adaptable makes it also suitable to present in different forms — from fast-casual and street food versions to haute dining, and everything in between.”

Dale Talde, author of “ Asian-American: Proudly Inauthentic Recipes from the Philippines to Brooklyn ,” had a different perspective. Talde, who owns multiple restaurants, said that while he likes Jollibee and is glad to see the business grow, he doesn’t think people should go if they’re looking for authentic Filipino food.

“It means that it’s growing, and it means that other brands can come over from the Philippines,” Talde said. “But let’s be real — Jollibee is a fast food brand. I feel like you could take the late Anthony Bourdain or Andrew Zimmern who said if you want to know about a culture, go to their market.”

News 'The Migrant Filipino Kitchen' highlights the personal stories behind Filipino food

Jollibee executives say that the company hopes to provide overseas Filipinos a familiar taste of their childhood.

“It’s an honor and responsibility, for Jollibee to be given that kind of role,” said Jose Miñana, president of Jollibee North America. “And they can then share that memory with their friends and colleagues. It’s really part of our mission to spread this joy, by serving great food to everyone.”

Follow NBC Asian America at Facebook , Twitter , Instagram or Tumblr .

CORRECTION (Dec. 6, 2018, 12:31 p.m. ET): An earlier version of this article misstated the amount of time some customers waited in line for a Jollibee grand opening. They waited for up to 20 hours, not more than a day.

Allyson Escobar is a multimedia journalist from Southern California, based in New York. She reports on race, religion, arts and culture for local and national outlets, including NBC News.

Saleah Blancaflor is a reporter for NBCNews.com.

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Jollibee Foods Corp.

Company background.

Started by its chairman, Tony Tan Caktiong, as an ice cream parlor in 1975, Jollibee Foods is now one of Asia's top quick-service restaurant chains by market value. Jollibee, the company's flagship chain, has become a household name in the Philippines Its other quick-service restaurant brands include Chowking, which serves Asian cuisine; Greenwich, which does pizza; Red Ribbon, a bakery chain; and Mang Inasal, where the specialty is grilled chicken. The company also owns the Philippines franchise rights for Burger King.

Outside the Philippines, Jollibee Foods has affiliates that develop and operate international brands like Yonghe King, Hong Zhuang Yuan, San Pin Wang and 12 Hotpot. It has restaurants in Brunei, China, Hong Kong, Kuwait, Oman, Qatar, Saudi Arabia, Singapore, the U.S. and Vietnam.

The chains sell dishes that are prepared on-site and are based on original company recipes. The restaurants use company-specified ingredients and supplies, and follow company standards and procedures. Tan Caktiong, a chemical engineering graduate from the University of Santo Tomas in Manila, in August stepped down as Jollibee CEO and was replaced by his brother Ernesto Tanmantiong.

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Swot analysis of jollibee.

Swot analysis of Jollibee. Jollibee Food Corporation is a Filipino fast-food chain multinational company. Tony Tan Caktiong is the founder of the fast-food Jollibee brand, and he laid the foundation of the company in January 1978. The headquarter of the company is in Jollibee Plaza, Ortigas Center, Pasig, Philippines.

Jollibee’s main products and services are;

• Kid’s meal
• Breakfasts,
• Coffee, Fries,
• Hamburgers.

According to an estimate, the  annual revenue  of Jollibee in 2022 was  2.8  billion Philippine pesos, and it has increased by  128.8% . Out of which, the net income of the company has increased by 351.7%. However, the company employed  12,831  employees in 2022 to manage its worldwide operations. The fast-food brand has  5900  location points across the globe.

Jollibee’s top competitors are; 

• Burger King ,
• In-N-Out Burgers,
• White Castle,
• Whataburger,
• Chick-fil-A,
• A&W Restaurants,
• Jack in the Box,
• Church’s Chicken, 
• McDonald’s , 
• Starbucks , 
• Nestle , 

Today, we’ll discuss the swot analysis of Jollibee. It’s going to focus on the internal and external factors impacting the world’s leading fast-food chain brand. Here’s the swot analysis of Jollibee as follows;

Strengths of Jollibee 

Customers loyalty.

Jollibee has built a strong database of loyal customers over the years. It’s because of the consistency of the services that the company has maintained over time.

24 Hours Service

Jollibee is one of the few companies that provide fast food services  24  hours a day. Whether it’s early morning or late at night, the brand would remain open to serve its customers. However, the company hires employees for multiple shifts and keeps rotating them.

Distribution Network

Jollibee is the largest fast-food chain brand in the Philippines. According to an estimate, the company has  1500  stores across the country, 70 in North America, and a total  of 1130  stores across the world. However, the company makes sure that all the stores have enough supply of food to serve customers.

The company is operating in business in countries like  UAE ,  Saudi Arabia ,   Vietnam ,  Singapore ,  Malaysia ,  Canada ,  USA ,  UK ,   Italy ,  Thailand ,  Australia ,  Japan , and many others countries.

Quality Food

Jollibee offers quality and tasty food to its customers worldwide. Its unique taste is no less than other global brands. The brand has a secret recipe for the preparation of its food items. It allows the company to provide the same quality food everywhere.

Recognized Brand

The main focus of Jollibee is to satisfy the taste of customers, and the brand doesn’t divert its focus from its customers. That’s why customers recognize the brand when they’re shopping.

Jollibee offers a variety of food items to its customers and they range from Spaghetti, hamburger, mouth-watering yum burger, and coffee to tasty chickenjoy. The company follows the successfully tested recipe for the preparation of all of its food items.

Brand Value

According to an estimate by  Forbes , Jollibee ranks at the 239th position of the World’s Best Employer of 2020. However, the company comprised under the category of Asia’s Fab 50 Companies in 2016.

Weaknesses of Jollibee 

No technology.

Jollibee is still using the old methods of food cooking; they’re good but time-consuming and efficient. The company hasn’t adopted the latest methods of tech-automated cooking. It would make the company’s operation efficient.

Limited Marketing

Jollibee follows a very limited marketing channel for the promotion of its food items. It’s no doubt Jollibee is a multinational brand. But not many people have heard of the brand name because of the limited or no marketing.

Pricey Food

Jollibee charges premium prices for its food items. Many people are very cautious about prices especially when they’re buying food. That’s why they avoid buying Jollibee’s products because of overpricing.

Say No to Fast Food

A vast majority of people don’t prefer fast food because it causes obesity and other health issues. The lack of preference of many people impacts the sale of the company.

Opportunities available to Jollibee 

Global expansion.

There are many food-loving nations that would love to change their tastes. Therefore, Jollibee should expand its market and launch its products in various countries worldwide.

The global economic crisis has caused the lockdown and shutdown of businesses. It has increased the trend of online ordering and home delivery food service. Therefore, Jollibee should adopt technology and launch its online food ordering platform, and partner up with delivery service providers.

Product Innovation  

It’s no doubt Jollibee offers a unique taste. There are many customers who like vegan food, diet food, don’t like carrying cash, etc. Therefore, the company should come up with innovative food ideas to target diet-conscious customers. It would help the fast-food brand to expand its product portfolio and increase sale.

Threats Jollibee has to face 

Healthy diet trends.

People have become very cautious about their diet and health and they’re saying no to unhealthy fast food. Such trends are very harmful to the business of Jollibee. The company shouldn’t waste any more time launching its new product targeting health-cautious customers.

Competitors

McDonald’s , Starbucks , Burger King , Unilever , Chipotle , and Nestle are some of the main competitors of Jollibee. They have a great market share, global operations, and loyal customers. Most importantly, they use various marketing and promotional campaigns to engage with their customer’s markets. Their international market presence makes it difficult for the brand to expand.

Economic Crisis

The pandemic and global economic crisis have shut down all types of outdoor, gathering, and fun activities. That’s why the annual revenue and net income of Jollibee have dropped by 28.01% and 257.52% .

Conclusion: Jollibee Swot Analysis Example Company

After an in-depth study of the swot analysis of Jollibee, we have concluded that Jollibee is indeed the world’s leading fast-food chain brand. Limited use of technology, increasing competition, lockdown, and social distancing are some of the main challenges. Jollibee should launch an online food ordering service and expand its business and product portfolio; while keeping in mind the internal strengths weaknesses; external opportunities threats of Filipino food brand swot analysis example company.

Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.

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Jollibee boosts earnings by 27% in Q1

Jollibee Foods Corporation, one of the largest Asian food service companies, reported a 26.9 percent growth in attributable consolidated net income to P2.62 billion in the first quarter of 2024 from the P2.06 billion earned in the same period last year (SPLY).

In a disclosure to the Philippine Stock Exchange, Jollibee Group President and CEO Ernesto Tanmantiong said “The Jollibee Group had an exciting start to the year with a very good performance that exceeded our profit outlook for the first quarter.”

“Our revenue growth of 11.3 percent translated to robust 13.7 percent and 26.9 percent growth in operating income and net income attributable to equity holders of the Parent Company, respectively. 

“Our healthy top line growth combined with further operational efficiencies and effective management of expenses drove expansion of the Jollibee Group’s profit margins,” he added.

Tanmantiong noted that, “System-wide sales grew by 10.4 percent, with both the Philippine and international markets delivering growth in double-digits lapping a strong first quarter 2023. 

“The Jollibee brand, which leads our chicken category grew ahead of the Jollibee Group at 15.8 percen percent, with its international operations growing by 25.2 percent versus SPLY,” he said.

The Jollibee Group reported first quarter 2024 system-wide sales (SWS) of P86.8 billion, an increase of 10.4 percent compared to P78.6 billion in the first quarter of 2023. 

The increase was driven by a combination of the 5.5 percent same store sales growth (SSSG), mainly from volume growth, and a 4.6 percent contribution from new stores.

SSSG of the Philippine business increased by 6.9 percent while the international business grew by 3.2 percent led by EMEAA (Europe, Middle East, and Africa) 14.7 percent, Milksha 8.7 percent, Jollibee North America 12.3 percent, and Coffee Bean and Tea Leaf 2.0 percent. 

Smashburger declined by 4.1 percent but showed month-on-month improvement in Average Daily Sales. The Jollibee Group’s China business also declined by 3.7 percent versus a strong SSSG a year ago, in line with the Quick Service Restaurant industry in China. 

China business’ SSSG for the first quarter of 2023 grew by double-digits driven by the temporary recovery in consumption, particularly in February and March after the lifting of Covid-19 restrictions. This was also exacerbated by weak consumer spending power in the current year. 

Highlands Coffee declined by 9.0 percent but was better than industry and gained 4.0 percent market share.

“We had a strong finish to 2023 and I am pleased that we are once again kicking off the year in a position of strength with the first quarter off to a good start. We are slightly ahead of our guided growth rates,” said Jollibee Group Chief Financial Officer Richard Shin.

He noted that, “Our business fundamentals are strong, and we are poised to continue our growth trajectory, leveraging the strength of our brands and strategic investments to support our long-term growth plans.”