Leading local restaurant chain operators Jollibee Foods Corp. (JFC) and Shakey’s Asia Pizza Ventures Inc. Improved their profits in the first semester after suffering large losses in the same period last year when local quarantine rules were at their most stringent.
JFC reported a net income of P1.13 billion in the first semester, a significant improvement over the previous year’s net loss of P11.96 billion. It made an attributable net profit of P976 million in the second quarter, compared to a net loss of P10.29 billion a year ago.
On the other hand, Shakey’s recorded a net profit of P14 million for the first half of the year, compared to a net loss of P290 million for the same period last year.
For the second quarter, Shakey’s reverted to a net loss of P14.71 million, but this was smaller than the P403.54-million net loss in the same period last year.
Despite the reimposition of tougher lockdown rules in the country at the end of March and early April, JFC saw a significant improvement in its bottom line compared to its first-quarter net income of only P152.65 million. Its earnings were also enhanced by increased earnings from offshore activities.
JFC’s second-quarter profit of P976 million is now just 6.2-percent below the net income posted in the same quarter in 2019, the last year before the COVID-19 pandemic battered the domestic economy. Excluding the impact of changes in its store network, same-store sales in the Philippine business increased by 48 percent in the second quarter year-on-year while the international business grew by 28.4 percent.
For its part, Shakey’s net loss of P14.71 million in the second quarter marked a decline from the first quarter, which turned in a net profit of P28.7 million.
Systemwide sales in the second quarter, however, grew by 43 percent year-on-year to P1.63 billion, driven by strong same-store sales growth of 31 percent notwithstanding the strictest restrictions on dine-in operations.