FASTFOOD giant Jollibee Group on Wednesday said it is set to introduce more stores of its brands, Tim Ho Wan, Yonghe King and Hong Zhuang Yuan, in China by next month.
In a statement, Jollibee Foods Corp. (JFC) President and Chief Executive Officer Ernesto Tanmantiong highlighted that the expansion of the three brands is important in the company's revenue growth, especially since China is one of their "four pillar markets."
The group said it is scheduled to open 33 more stores of the brands in China by December, following the 80 stores already launched this year. JFC noted that it targets to reach around 100 outlets of Michelin-starred restaurant Tim Ho Wan within five years.
Tim Ho Wan presently has six stores across Shanghai.
Chinese fast-food restaurant Yonghe King, on the other hand, already opened 62 stores this year and plans to open 23 additional branches by next month.
The group said it looks to reach 1,000 Yonghe King stores in five years as it currently has 383 stores across China.
Meanwhile, Hong Zhuang Yuan currently has 44 stores across the Chinese Capital. JFC said it aims to expand the figure to 60 stores by year end as it plans to open stores in top shopping malls in Beijing and outside the city.
JFC has a store network of 5,853 globally, as of end September.
The group swung back to profitability in January to September after posting a P2.7-billion attributable profit, reversing its P13.54-billion loss in the same period last year.
Shares of JFC rose P3.40 or 1.39 percent to close at P248 apiece on Wednesday.