Filipino group Jollibee has reported financial accounts for 2022, saying it plans to ‘significantly increase’ its UK presence by 2028.
The fried chicken chain increased revenue to £17.9m from £11m the previous year, but also reported a loss of £6.5m in the UK, compared to a £4m loss in 2021.
The chain further said it saw ‘relatively modest’ sales from newer stores.
Despite losses growing in 2022, Jollibee said the business is focusing on improving its financial performance and growing its UK presence, with much of the expansion to take place after 2025.
More recently, the brand updated on Q3 2023 results in November, posting growth of 50.5% in systemwide sales and 44.3% in same-store sales, driven by significant transaction count growth and higher consumer demand from the increasing popularity of its bestsellers Chickenjoy, Chicken Sandwich, and Peach Mango Pie.
The company expects to make a loss in 2023 and 2024 as well, attributed to inflation, especially rising food costs and the National Living Wage increase.
It has also forecast modest increases in revenue for 2023 and 2024, with more substantial increases expected in 2025 as the company expands its UK estate.
Jollibee currently has 12 UK stores, with more than 1,600 locations globally, including more than 1,000 in the Philippines.
It was founded in the Philippines in 1978 and made its UK debut in Earl’s Court, London, in 2018.
