Jollibee UK
29.11.2023 - 14:30:04Jollibee UK Reports Robust Q3 2023 Growth Driven by Strong Consumer Demand
| Jollibee UK 29-Nov-2023 / 14:30 CET/CEST The issuer is solely responsible for the content of this announcement. LONDON, UNITED KINGDOM - Media OutReach - 29 November 2023 - Jollibee, the global restaurant chain celebrated for its flagship fried chicken "Chickenjoy," announced robust Q3 2023 growth for its UK business. The company achieved growth of 50.5% in systemwide sales and 44.3% in same-store sales for Q3 2023, driven by significant transaction count growth and higher consumer demand from the increasing popularity of its bestsellers Chickenjoy, Chicken Sandwich, and Peach Mango Pie.
"Our strong Q3 2023 results affirm our efforts towards providing great-tasting, craveable, and excellent value-for-money food offerings to UK consumers," shared Dennis Flores, Jollibee Group President for Europe, Middle East, Asia, and Australia. "We are grateful for the continued patronage of our customers across the UK, with more and more new customers coming in to discover our menu items. We look forward to serving their Jollibee favorites at our restaurants or via delivery across the country." Jollibee is known globally for Chickenjoy, its flagship fried chicken that is hand-breaded with a thin, delicate coating for extra crispiness, cooked to perfection for extra juiciness and flavor, and marinated to the bone to bring out the taste of natural, freshly fried chicken. Chickenjoy was named by Eater.com as America's Best Chain Fried Chicken in 2022, besting 15 other global brands in four rounds of contests. Loved by local UK customers for its "legit spiciness," Jollibee's Spicy Chicken Sandwich features a hefty chicken fillet double hand-coated with hot, peppery breading, marinated with a signature mix of spices for a satisfyingly juicy bite, and finished with sriracha mayo dressing for an extra kick. Peach Mango Pie, Jollibee's bestselling dessert made of real peaches and mangoes, has also been a hit among local consumers, selling out for weeks when it was first launched in the UK. Strong marketing campaigns for its bestsellers also contributed to stellar growth, accompanied by partnerships with major UK aggregators that drive strong delivery sales. Collaborations with popular content creators AJ Clementine and Michelin-background chef Whyte Rushen have further bolstered the brand's popularity and appeal to local British consumers, who now comprise 80% of Jollibee's customer base. The brand has likewise made significant efforts to ensure consistency in customer experience and product quality, reflected in all of its 12 stores having Google ratings of 4 and up, which is above average compared to QSR industry benchmarks. Strong Jollibee Group Growth Jollibee UK's stellar growth contributed to the overall strong performance of its parent company, the Jollibee Group. The Jollibee Group, a publicly listed company on the Philippine Stock Exchange, is one of the fastest-growing restaurant companies in the world, with 18 brands with over 6,700 stores across 34 countries. Its key brands include Jollibee, The Coffee Bean and Tea Leaf ®, Michelin-starred Tim Ho Wan, and better burger chain Smashburger. Total Jollibee Group systemwide sales grew by a robust 11.8% in Q3 and 19.1% in YTD September 2023 compared to the same periods last year. Revenues grew in line with systemwide sales. JFC's strong topline performance and robust gross profit margin of 18.3% produced a record operating income of GBP 61.0 million (USD 77.7 million) for the quarter and a 7.0% operating income margin. JFC CFO, Richard Shin commented, "Our strong results for the quarter demonstrated JFC's continued financial resilience highlighted by our record-high quarterly system-wide sales and operating income. While the external environment remains challenged, we are confident in our ability to deliver sustainable growth as we continue to focus on what we can control, invest in line with long-term strategy, prudently manage our expenses, and drive efficiencies in our organization." At the end of September 2023, JFC's store network increased by 5.8% compared to a year ago. JFC operated 6,720 stores worldwide: Philippines (3,295) and International (3,425): 538 in China, 388 in North America, 330 in EMEA, 725 with Highlands Coffee mainly in Vietnam, 1,132 with CBTL and 312 with Milksha. Parent company, Jollibee Group, now has over 6,600 stores globally across 18 brands and operates in 34 countries. It owns 80% of The Coffee Bean and Tea Leaf® business, which is present in 25 countries, and operates Michelin-starred Tim Ho Wan in Mainland People's Republic of China. It also owns and operates Chowking, Greenwich, Red Ribbon, and Mang Inasal in the Philippines; Yonghe King and Hong Zhuang Yuan in the Mainland People's Republic of China; Smashburger in the US, and Highlands Coffee, mostly in Vietnam. The Jollibee Group also owns the franchise of Burger King, Panda Express, and Yoshinoya in the Philippines. Jollibee Group also acquired 51% ownership of Milksha, a Taiwanese bubble tea brand. The company is listed on the Philippine Stock Exchange. For the latest updates on Jollibee UK, follow us on Facebook and Instagram @jollibeeuk, or visit www.jollibee.uk. For updates on the Jollibee Group, Jollibee UK's parent company, visit www.jollibeegroup.com. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
