• Revenue rose 14.6 percent to P70.2 billion.
• Operating income grew 17.6 percent to P4.8 billion despite a 56.2 percent jump in advertising and promotions.
• Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 9.2 percent to P9.78 billion; system-wide sales increased 18.9 percent to P103.2 billion.
• Net income attributable to equity holders of the parent declined 8.1 percent to P2.41 billion
Philippines, coffee lift
In the Philippines, SWS rose 11.9 percent, led by Mang Inasal (up 15.3 percent), Jollibee (13.3 percent), Chowking (9.9 percent), and Red Ribbon (8.5 percent). Same-store sales growth reached 8.5 percent, while international SWS soared 29.5 percent, driven by Compose Coffee, which contributed 17.8 percent to the segment.
“Our margin expansion – 30 bps in gross profit and 10 bps in operating income – reflects disciplined execution positioning us well for sustained value creation and long-term growth,” said Jollibee CEO Ernesto Tanmantiong.
Global brand gains, headwinds
The coffee and tea business surged 62.2 percent, now making up 45.4 percent of international SWS. However, same-store sales declined 8.3 percent in China and 8 percent at Smashburger, though Yonghe King showed volume recovery.
"On a quarter-on-quarter basis both operating income and NIAT [net income after tax] increased by double digits,” Jollibee chief financial officer Richard Shin.
“While NIAT was slightly lower year-over-year, this was primarily due to non-operational factors,” he added.
Higher costs
“The substantial increase in advertising and promotions drove a 14.6 percent rise in revenues. Our strong first quarter revenues combined with our disciplined and prudent approach led to double-digit growth in operating income and a notable improvement in margins,” said Jollibee chief financial officer Richard Shin.
Net income also declined as higher financing costs, taxes, and lower other income offset the gains from strong sales and operations.
“On a quarter-on-quarter basis both operating income and NIAT [net income after tax] increased by double digits,” Shin said.
“While NIAT was slightly lower year-over-year, this was primarily due to non-operational factors,” he added.
Store network scales up
Jollibee ended March with 9,935 stores, up 44.3 percent from last year, including 3,393 in the Philippines and 6,542 overseas.
This includes 2,700 Compose Coffee stores and 77 Tim Ho Wan outlets, now fully owned as of January 2025.
