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Jollibee North America Announces Expansion Plans Following Record-Breaking Performance in 2023 and Strong Q1 2024
In its recently released Q1 2024 results, Jollibee North America reported a strong 25.9% system-wide sales growth and 12.3% same store sales growth, contributing significantly to its parent company Jollibee Group's overall global success and its vision to become one of the top five restaurant companies in the world.
Customers continue to flock to the brand's signature bestsellers, Chickenjoy, Spicy Chickenjoy, and Chicken Sandwich, with the brand securing the third-highest average daily sales among chicken restaurant chains. The brand also continues to attract a diverse customer base, with most stores maintaining a 50:50 split between its Filipino fanbase and local American non-Filipino patrons.
Jollibee North America has 100 stores across the USA and Canada, 12.4% growth in its store network with 3 new stores as of Q1 2024. The brand reached a milestone with the opening of its 100th store in North America in Surrey, British Columbia, Canada. It plans to add 14 new stores this year.
Jollibee Group's Mid-Term Goal of Tripling the Business in Five Years
Ernesto Tanmantiong, President and Chief Executive Officer of Jollibee's parent company Jollibee Group, highlighted the Company's commitment to international expansion, particularly in the U.S. and Canadian markets: "Our results in North America showcased our ability to deliver sustained sales and profit growth. Looking ahead, we will continue to focus on our priorities, one of which is expanding the Jollibee brand internationally as a key driver of scaling our business. We remain committed to accelerating our expansion in North America as a key pillar of this global expansion."
Part of its mid-term strategy involves ramping up its digital transformation, bringing its capabilities on par with those of global Quick Service Restaurant leaders to increase efficiency and further improve customer experience and revenue management.
Tanmantiong added, "While we work on driving JFC's long-term growth, we will remain committed to governance, ethics, sustainability, and responsible business practices. Our strategies combined with a portfolio of strong and valuable brands and the support of our talented global team give me the confidence that we will be able to achieve our goal to triple our value in five years."
Jollibee Group Chief Financial Offer, Richard Shin, commented, "The Jollibee Group 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. 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."
Spreading joy to more places in North America
Jollibee North America's growth strategy focuses on states where the brand has existing presence, such as California, Texas, Florida, New York, Nevada, Maryland, Arizona, Virginia, Illinois, and Washington, among others. Additionally, the brand is exploring new markets in more states across the US.
Recently, Jollibee has been recognized as the second fastest-growing restaurant brand in the world, according to the latest annual brand ranking report by Brand Finance, the world's leading independent brand valuation agency. Surging by an impressive 51% to $2.3 billion USD in brand value, Jollibee ascended from rank 20 to rank 17 in this year's Global Restaurant Rankings.
The brand further solidified its position by achieving fifth place in the strongest restaurant brand category, elevating its rating from AA- to AAA. Jollibee is also the only Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands.
Furthermore, its parent company, Jollibee Group, continues to make progress in its sustainability efforts, with MSCI upgrading its ESG rating to BB.
Jollibee North America is part of the Jollibee Group, one of the largest and fastest growing restaurant companies in the world. To know more about the Jollibee Group, visit www.jollibeegroup.com.
Hashtag: #JollibeeNorthAmerica
The issuer is solely responsible for the content of this announcement.
About Jollibee Group
Jollibee Foods Corporation (JFC, also known as Jollibee Group) is one of the fastest-growing restaurant companies in the world. Its mission is to serve great-tasting food and bring the joy of eating to everyone through its 18 brands with over 6,800 stores across 33 countries.
The Jollibee Group has eight wholly owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger); four franchised brands (Burger King, Panda Express, and Yoshinoya in the Philippines, and Tim Ho Wan in certain territories in China); 80% ownership of The Coffee Bean and Tea Leaf; 60% ownership in the SuperFoods Group that owns Highlands Coffee; and 51% ownership of Milksha, a popular Taiwanese bubble tea brand. JFC also has a business venture with award-winning Chef Rick Bayless for Tortazo, a Mexican fast-casual restaurant business in the United States.
The Jollibee Group, through its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) owns 92% participating interest in Titan Dining LP, a private equity fund that owns the Tim Ho Wan brand. The Jollibee Group has a joint venture with the THW Group to open and operate THW restaurants in Mainland China. The Company also established a joint venture company that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. Recently, the Jollibee Group signed agreements to own 10% ownership in Botrista, a leader in the beverage technology space. The Company also owns a 90% participating interest in Titan Dining Partners II Ltd to further grow Asia Pacific food service brands and/or bring strong global food service brands to Asia Pacific.
The Jollibee Group has launched its global sustainability agenda dubbed Joy for Tomorrow, which aims to strengthen the Company's commitment to sustainable business practices. The agenda centers on the key pillars of Food, People, and Planet, and consists of 10 focus areas namely: food safety, food quality, nutrition & transparency, employee welfare, farmers livelihood, community support, good governance, packaging & recycling, waste reduction, and energy & water efficiency. Each focus area sets goals and initiatives that contribute and align with the United Nations Sustainable Development Goals (UN SDGs).
The Jollibee Group was named the Philippines' Most Admired Company by the Asian Wall Street Journal for ten years. It was also honored as one of Asia's Fab 50 Companies and among the World's Best Employers and World's Top Female-Friendly Companies by Forbes. The Company is also a three-time recipient of Gallup's Exceptional Workplace Award and was recently cited in TIME's List of the World's Best Companies.
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