By Cris Larano
MANILA--Jollibee Foods Corp. (JFC.PH) aims to become one of the
top five quick-service restaurants in the world in terms of market
capitalization, the chairman of the Philippines's largest fast-food
chain by sales said Friday.
The company is looking to grow mainly in the Philippines, China
and the U.S. by expanding existing operations, forging joint
ventures and pursuing acquisitions, Tony Tan Caktiong told
shareholders.
Jollibee's profit for the first quarter rose 10% year-over-year
to 1.19 billion pesos ($26.4 million), as sales grew 9.5% to 29.91
billion pesos. Its sales in China and the U.S. grew 7.7% and 11.7%,
respectively.
The company's profit growth this year would be limited by rising
production costs and large capital expenditure, Mr. Tan Caktiong
said, but double-digit growth in both profit and sales should be
expected beyond 2015. Its profit rose 15% in 2014 and 25% in
2013.
Jollibee operates 2,335 restaurants in the Philippines and 616
stores overseas. In December, it signed a deal with Dunkin' Brands
Group Inc. (DNKN) to open 1,400 new donut cafes in China over two
decades.
Jollibee has a market capitalization of around $4.7 billion. By
comparison, two of the world's most valuable restaurant groups
McDonald's Corp. (MCD) and Starbucks Corp. (SBUX) have a market
capitalization of $92.5 billion and $70.9 billion,
respectively.
Write to Cris Larano at cris.larano@wsj.com; @CrisLaranoWSJ
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