JFC eyes opening 600 stores in 2023

It opened 542 stores in 2022, the highest it recorded in a year.

Philippines-based fast food chain, JFC Group, is targeting to open 550 to 600 owned and franchised stores in 2023, with the capital expenditure expected to be between P17b to P19b.

In a disclosure, JFC said it expects its full-year systemwide sales this year to increase by 15% to 20%, with same-store sales increasing by 7% to 10% and store network by at least 5%.

It also expects its operating income to increase by 20% to 25%.

The company’s attributable net income rose 26.4% year-on-year in 2022 to reach around $109.1m.

JFC CEO Ernesto Tanmantion stated it opened 542 stores in 2022, increasing 9.2% annually, exceeding the company’s guidance for the year and the highest number recorded in a year in the company’s history.

“Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” he said.