Jollibee Cuts Store, Spending Targets as Cost Pressures Linger

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Or sign-in if you have an account.(Bloomberg) — Jollibee Foods Corp. tempered store expansion and spending targets for the year, as the Philippines’ largest fast-food group navigates a higher cost environment amid the Middle East conflict.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe company that’s known for its fried chicken and sweet spaghetti is now looking to open 1,000-1,100 new stores, lower than the 1,200-1,300 outlets planned earlier, according to a statement to the stock exchange on Tuesday. Capital expenditure is expected to be around 13-15 billion pesos ($212 million-$245 million), from an earlier plan of as much as 16 billion pesos announced in March. Operating income growth is seen to range 10% to 15%, from 15%-18% previously.The new assumptions reflect “ongoing portfolio optimization and the timing of store openings and closures” against the backdrop of a “still-dynamic cost environment,” the company said.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe fresh plans come even as Jollibee’s second-quarter performance showed a business that’s recovering from a 39% profit slump in the first quarter due to soaring inflation.Net income during the April to June period rose 5.7% to 3.4 billion pesos as revenue jumped 10.7% to 85.9 billion pesos. Jollibee’s shares closed 5% higher on Tuesday, the most in more than a month. The Philippines’ main stock index gained 0.6%.“The second quarter represents an important step forward in our earnings momentum,” Chief Financial Officer Richard Shin said. “Pricing actions implemented beginning in April, together with productivity, sourcing, and cost discipline initiatives, contributed to the recovery in gross profit margins.”The company’s portfolio includes 20 brands with over 10,700 stores and cafes across 33 countries, including US, China, Vietnam and Canada.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.