What consumer can resist a crispy chicken sandwich? Very few of them it seems. With that in mind, Jollibee Group aims to become one of the top five restaurant companies in the world. Recently released Q1 results report strong sales growth of 25.9 percent system-wide, and 12.3 percent same store sales growth.
“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,” said Ernesto Tanmantiong, President and Chief Executive Officer. “We remain committed to accelerating our expansion in North America as a key pillar of this global expansion.”
With some signature bestsellers like Chickenjoy, Spicy Chickenjoy, and Chicken Sandwich, the Jollibee brand has the third-highest average daily sales among chicken restaurant chains, according to a press release.
Jollibee recently reached a milestone with the opening of its 100th store in North America, and plans to add another 14 new stores in 2024. Jollibee North America has 100 stores across the USA and Canada, with a 12.4 percent growth in its store network and three new stores as of Q1 2024.
“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,” commented Chief Financial Officer, Richard Shin. “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.”
The Jollibee brand ascended in this year’s Global Restaurant Ranking from 20 to 17, surging by 51 percent to $2.3 billion U.S. dollars in brand value. According to the latest annual brand ranking report by Brand Finance, Jollibee has been recognized as the second fastest-growing restaurant brand in the world. The brand also achieved fifth place in the strongest restaurant brand category, elevating its rating from AA- to AAA. Additionally, Jollibee is also the only Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands.
Here’s to hoping a new store pops up near me!
