Jollibee Group drops PHO24 but eyes expansion in Vietnam.The company in May divested from PHO24 to focus on its chosen segments, which are chicken, coffee and tea, burger and Chinese cuisine. JFC says 'not been in any discussion' for acquisitions in recent months.We would be very selective about acquisition opportunities and consider only those that will add value to JFC,” he added. “Our priority is on organic growth of our current portfolio. We will focus our resources on core brands and growth contributors, which provide more value for our shareholders,” he said in response to a question on how the company views growing the business through mergers and acquisitions. “We have very strong brands with great potential to grow globally. JFC will be very selective about mergers and acquisitions, company chairman and founder Tony Tan Caktiong said. Jollibee to open first store in Downtown Los Angeles.“Our global expansion efforts, compounded by the continued strength of our Philippine business will enable JFC to deliver sustained long-term value for our customers, people, and shareholders,” he said. He said this brought system-wide sales contribution of international business to 40 percent, and noted that stores outside the Philippines contributed to a third of JFC’s overall earnings in the first quarter of 2023. The company said it is confident it is on track to reaching its goal with 111 new stores built in the first quarter of 2023.ĭuring the company’s annual stockholders’ meeting, Tanmantiong noted that they have opened the highest number of international stores for 3 consecutive years. Jollibee’s goal to build 600 new stores across the globe will breach its record of 542 new stores built in 2022. “Our focus remains on expanding globally in the strategic categories of chicken and burgers, Chinese cuisine, and coffee and tea by investing in our lead brands Jollibee, Smashburger, Tim Ho Wan and The Coffee Bean and Tea Leaf,” Tanmantiong added.
JFC intends to focus on its existing fastfood and restaurant portfolio for 2023. “JFC’s long term growth will be driven by extending our dominant market leadership in the Philippines, and accelerating growth in our pillar markets of the United States of America and China,” said the company’s CEO Ernesto Tanmantiong. MANILA – Jollibee Foods Corporation (JFC) on Friday said it is looking to build 600 new stores globally and eyes faster expansion in the US and China to drive the company’s long-term growth. Homegrown restaurant brand Jollibee joins other global brands in the Billboard Capital of the World, New York Times Square.
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