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Jollibee suffers ₱1.8-B loss in Q1

By James A. Loyola

Jollibee Foods Corporation (JFC) reported a consolidated attributable net loss of ₱1.79 billion in the first quarter of 2020 from the ₱1.46-billion profit in the same period last year due to lower revenues.

Jollibee

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues decreased by 2.3 percent to ₱39.43 billion for the first quarter of 2020.

Recently-acquired Coffee Bean & Tea Leaf contributed 8.2 percent or ₱3.32 billion to the JFC Group’s consolidated revenues, but was offset by the decline in revenues of other businesses due to the impact of the COVID-19 pandemic.

The negative impact of foreign cur¬rency translation also contributed to the decline in revenues.
Consolidated system wide sales (SWS) increased by 1.6 percent to ₱55.15 billion for the first quarter of 2020 driven by the consolidation of CBTL. Without CBTL, system wide sales declined by 10.0 percent.

In January 2020 before the out¬break of COVID-19, JFC Group’s global SWS grew by 9.9 percent, excluding CBTL, with same store sales growth of 3.6 percent. Including CBTL, SWS increased by 24.9 percent. Net operating income rose by 18.9 percent while attributable net income increased by 57.6 percent versus the same month in 2019.

In February 2020, SWS growth slowed down to 15.7 percent and in March 2020, to negative 32.5 percent when lock downs and other forms of restrictions were imposed in China, the Philippines, the United States and other countries. “As of the end of March 2020 the following were the percentages of stores temporarily closed due to the pandemic: Philippines 69 percent, China 6 percent, North America 16 percent, CBTL 32 percent, EMEAA (Europe, Middle East, and Asia) 23 percent.

Consolidated direct costs for the first quarter of 2020 increased to 5 percent to ₱35.4 billion, primarily as a result of an increase in store and manufacturing costs partially offset by a decrease in cost of inventories.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/28/jollibee-suffers-%e2%82%b11-8-b-loss-in-q1/)

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