Everyone has been suffering due to the COVID-19 pandemic, and fast food favorite Jollibee Foods Corp. is no exception. In a filing to the Philippine Stock Exchange, JFC said its net loss for the second quarter of 2020 stood at over Php10 billion, a huge reversal from its Php1 billion net income in the second quarter of 2019.
JFC said that “their business felt the full impact of government restrictions intended to contain the COVID-19 pandemic”. Despite most of their stores re-opening recently, revenues still went down as they relied mostly on takeout and deliveries.
Ernesto Tanmantiong, JFC Chief Executive Officer admits that “the business results were very bad but in line with our forecasts. We are now focusing on rebuilding our business moving forward along with implementing major cost improvement under our Business Transformation program.”
He also says that they expect their sales and profits to improve over the next few months as they introduce new and exciting products, launch new marketing campaigns, open cloud kitchens, improve their delivery systems, and open new stores in North America, China, Vietnam, and Malaysia. JFC plans on opening 338 stores all over the world this year.
“We expect sales and profit to increase significantly in 2021 to a point closer to the levels of 2019 and to grow at least at a historical growth rate of 15% annually by 2022,” Tanmantiong adds.
(ALSO READ: 3 Reasons Why Jollibee Will Always Be Loved)
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