Jollibee North America Announces Expansion Plans Following Record-Breaking Performance in 2023 and Strong Q1 2024
- Written by Media Outreach
BUZZING IN NORTH AMERICA. Globally loved restaurant chain Jollibee continues its upward momentum in the North America region, which is a pillar market in its parent company Jollibee Group’s vision to become among the top five restaurant companies in the world.
In its recently released Q1 2024 results, Jollibee North America reported a strong 25.9% system-wide sales growth and 12.3% same store sales growth, contributing significantly to its parent company Jollibee Group's overall global success and its vision to become one of the top five restaurant companies in the world.Customers continue to flock to the brand's signature bestsellers, Chickenjoy, Spicy Chickenjoy, and Chicken Sandwich, with the brand securing the third-highest average daily sales among chicken restaurant chains. The brand also continues to attract a diverse customer base, with most stores maintaining a 50:50 split between its Filipino fanbase and local American non-Filipino patrons.
Jollibee North America has 100 stores across the USA and Canada, 12.4% growth in its store network with 3 new stores as of Q1 2024. The brand reached a milestone with the opening of its 100th store in North America in Surrey, British Columbia, Canada. It plans to add 14 new stores this year.
Jollibee Group's Mid-Term Goal of Tripling the Business in Five Years
Ernesto Tanmantiong, President and Chief Executive Officer of Jollibee's parent company Jollibee Group, highlighted the Company's commitment to international expansion, particularly in the U.S. and Canadian markets: "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. We remain committed to accelerating our expansion in North America as a key pillar of this global expansion."
Part of its mid-term strategy involves ramping up its digital transformation, bringing its capabilities on par with those of global Quick Service Restaurant leaders to increase efficiency and further improve customer experience and revenue management.
Tanmantiong added, "While we work on driving JFC's long-term growth, we will remain committed to governance, ethics, sustainability, and responsible business practices. Our strategies combined with a portfolio of strong and valuable brands and the support of our talented global team give me the confidence that we will be able to achieve our goal to triple our value in five years."
Jollibee Group Chief Financial Offer, Richard Shin, commented, "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. 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."
Spreading joy to more places in North America
Jollibee North America's growth strategy focuses on states where the brand has existing presence, such as California, Texas, Florida, New York, Nevada, Maryland, Arizona, Virginia, Illinois, and Washington, among others. Additionally, the brand is exploring new markets in more states across the US.
Recently, Jollibee has been recognized as the second fastest-growing restaurant brand in the world, according to the latest annual brand ranking report by Brand Finance, the world's leading independent brand valuation agency. Surging by an impressive 51% to $2.3 billion USD in brand value, Jollibee ascended from rank 20 to rank 17 in this year's Global Restaurant Rankings.
The brand further solidified its position by achieving fifth place in the strongest restaurant brand category, elevating its rating from AA- to AAA. Jollibee is also the only Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands.
Furthermore, its parent company, Jollibee Group, continues to make progress in its sustainability efforts, with MSCI upgrading its ESG rating to BB.
Jollibee North America is part of the Jollibee Group, one of the largest and fastest growing restaurant companies in the world. To know more about the Jollibee Group, visit www.jollibeegroup.com.
Hashtag: #JollibeeNorthAmerica
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