Jollibee Foods Corporation (JFC), one of Asia’s largest food service companies, announced impressive financial results for the first quarter ended March 31, 2025, as detailed in its unaudited consolidated financial statements.
Ernesto Tanmantiong, Chief Executive Officer of the Jollibee Group, expressed his enthusiasm for the company’s performance, stating, “We are thrilled to report a strong start to the year, with a 14.6% increase in revenue and a 17.6% surge in operating income. Our margin expansion – with a 30 basis point improvement in gross profit margin and a 10 basis point increase in operating income margin – demonstrates disciplined execution, positioning us favorably for sustained value creation and long-term growth.”
The Jollibee Group’s system-wide sales (SWS) reached Php 103.2 billion, marking a substantial 18.9% growth compared to the Php 86.8 billion recorded in the first quarter of 2024. This growth was driven by an 11.9% increase in the Philippine business and a remarkable 29.5% expansion in the international business.
In the Philippines, SWS growth was spearheaded by strong performances across key brands: Mang Inasal (+15.3%), Jollibee (+13.3%), Chowking (+9.9%), and Red Ribbon (+8.5%). This domestic growth was primarily fueled by robust same-store sales growth (SSSG) driven by increased transaction counts across all four brands.
The international business delivered exceptional SWS performance, significantly boosted by the acquisition of Compose Coffee, which contributed 17.8% to the international segment’s SWS growth. The Coffee and Tea segment, now comprising 45.4% of the international business’s SWS, recorded an impressive 62.2% increase, with Compose Coffee accounting for 49% of this growth. The international SWS for the quarter also includes Tim Ho Wan, which became 100% owned by the Jollibee Group in January 2025.
The flagship Jollibee brand maintained its strong global momentum, demonstrating broad-based strength across diverse international markets with an SWS growth of 13.9% (Philippines +13.3%, China (Hong Kong and Macau) +12.9%, North America +10.9%, Southeast Asia +27.8%, Middle East +12.9%, Europe +10.9%, and Oceania (Guam) +20.2%). These results underscore the Jollibee brand’s global appeal and reinforce its position to resonate with consumers across various international landscapes.
Mr. Tanmantiong concluded, “I would like to thank our teams for their hard work and dedication. Let’s keep up the momentum and continue striving for excellence in the months ahead.”
The Jollibee Group’s consolidated revenues for the first quarter of 2025 grew by 14.6% to Php 70.2 billion. The Philippine business reported an 8.5% increase in SSSG, driven by strong performances from Mang Inasal (+15.9%), Red Ribbon (+11.1%), Jollibee (+8.6%), and Chowking (+6.2%). The international business saw a modest 0.7% increase in SSSG, with notable positive contributions from EMEAA (+5.3%), NA Asian Brands (+4.8%), Highlands Coffee (+4.4%), Milksha (+3.1%), and CBTL (+2.8%). While the China business experienced an 8.3% decline in SSSG, Yonghe King showed sequential improvement in monthly volume growth throughout the quarter. Smashburger also registered a negative 8.0% SSSG, primarily due to a decrease in transaction counts.
Operating income for the first quarter grew significantly by 17.6% to Php 4.8 billion, despite a substantial 56.2% increase in advertising and promotions. The related operating income margin improved by 10 basis points, primarily due to a higher gross profit level and a modest rise in general and administrative expenses. Net income attributable to equity holders of the Parent Company (NIAT) declined slightly by 8.1% to Php 2.4 billion, primarily due to higher below-the-line items.
Richard Shin, Jollibee Group Chief Financial and Risk Officer, commented, “The substantial increase in advertising and promotions effectively drove a 14.6% rise in revenues. Our strong first-quarter revenues, combined with our disciplined and prudent approach, led to double-digit growth in operating income and a notable improvement in margins. These results highlight the effectiveness of our strategic initiatives and the resilience of our core business. On a quarter-on-quarter basis, both operating income and NIAT increased by double digits. While NIAT was slightly lower year-over-year, this was primarily due to non-operational factors. Looking ahead, the Jollibee Group expects continued strong operational performance, and we remain proactive in managing macroeconomic and financial headwinds. We are confident in our strategy and execution, and accordingly, we are reaffirming our full-year guidance.”
As of the end of March 2025, the Jollibee Group’s store network expanded significantly by 44.3% to 9,935 stores, compared to the previous year. This includes 3,393 stores in the Philippines and 6,542 international stores, encompassing 560 in China, 361 in North America, 393 in EMEA, 865 with Highlands Coffee mainly in Vietnam, 1,246 with CBTL, 340 with Milksha, 2,700 with Compose Coffee, and 77 with Tim Ho Wan.
