Jollibee Foods (JFC) Q4 2023 earnings summary

Executive summary

• FY2023 systemwide sales rose 16.3% to Php345.3Bn, revenue increased 15.2% to Php244.1Bn, and operating income rose 45.0% to Php14.4Bn.

• The store network grew 6.3% to 6,885 locations; Q4 revenue reached Php66.7Bn, up 8.4% YoY, and operating income was Php2.5Bn, up 33.2%.

Financial highlights

• FY gross profit rose 22.6% to Php45.3Bn; Q4 gross profit increased 16.6% YoY to Php13.1Bn.

• FY EBITDA was Php33.8Bn, up 8.3%; normalized EBITDA, excluding one-off land conveyance gain net of provisions, increased 28.5%.

• FY net income rose 22.4% to Php9.0Bn; net income attributable to parent equity holders increased 16.0% to Php8.8Bn, and basic EPS rose 16.5% to Php7.455.

• Q4 EBITDA was Php9.3Bn, up 13.9%; net income was Php1.8Bn and net income attributable to parent equity holders was Php1.9Bn.

Outlook and guidance

• FY2024 guidance: systemwide sales growth 10%–14%, same-store sales growth 5%–7%, and operating income growth 10%–15%, to Php15.9–16.5Bn.

• Plans call for 7%–8% store network growth, 700–750 gross openings and Php20–23Bn in FY2024 capex.

• Priorities include international Jollibee expansion, scaling coffee and tea, growth in China, sustaining Philippine leadership, franchising and digital transformation.

• Long-term goal: triple net income attributable to parent equity holders within five years.