Jollibee Foods Corp (JFC), the Filipino food giant, has pointed out the growth of its coffee segment as a crucial factor behind its strong 2024 earnings. In the year ending December 31, 2024, JFC witnessed a 10.6% year – on – year revenue growth, reaching P270 billion ($4.7 billion). Its EBITDA also climbed by 17% to P16.9 million ($295 million).
The company opened 326 net new stores across its 19 – brand global foodservice portfolio, taking the total number of outlets to 9,776. The café segment now makes up 52% of all stores. This growth was significantly influenced by the $238 million acquisition of South Korea’s Compose Coffee in the third quarter of 2024, along with the net outlet expansion of The Coffee Bean & Tea Leaf (CBTL) and Highlands Coffee chains.
JFC’s international reporting segment achieved a 17.6% system – wide – sales growth in 2024. CBTL contributed 16%, Highlands Coffee 13%, and Compose Coffee 8% to this growth. Compose Coffee, known for its value – focused offerings, is the largest brand in JFC’s portfolio in terms of the number of outlets. It has over 2,600 stores in South Korea and two in Singapore.
JFC acquired CBTL for $350 million in July 2019. After consecutive years of net store closures, CBTL reversed its fortunes in the fourth quarter of 2022. In 2024, it achieved a 7% like – for – like sales growth and opened 68 net new stores, bringing its total number of outlets to 1,232 across 24 markets.
Vietnamese coffee chain Highlands Coffee had a 3.7% decline in like – for – like sales in 2024. However, it opened 71 net new stores throughout the year, reaching 850 outlets, with 43 of them in the Philippines.
JFC’s café segment also includes the 336 – store Taiwanese bubble tea chain Milksha, and Singaporean brands Common Man Coffee Roasters (CMCR) and Tiong Bahru Bakery, which are franchised as part of a joint venture with Food Collective Pte. Ltd.
The group’s largest non – café brands are Jollibee, along with fast – food chains Greenwich Pizza, Smashburger, and Chowking.
JFC aims to open 700 – 800 net new stores across its brand portfolio in 2025. It forecasts that the group’s sales growth will range from 8% – 12% in the coming year. This shows JFC’s continued ambition for expansion and growth, with the coffee segment likely remaining a key part of its growth strategy. The company’s success in the coffee segment, along with its other diverse food offerings, positions it well in the highly competitive global foodservice market. By leveraging the strengths of its various brands and continuing to expand, JFC is looking to build on its 2024 achievements and drive further growth in the future.
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