Jollibee bullish despite weak China market

Homegrown fast-food giant Jollibee Foods Corp. (JFC) remains optimistic on its growth targets for the year despite prevailing headwinds in China.

- RICHMOND MERCURIO

JFC’s China business, which contributes to around eight percent of the group’s topline, declined by 3.7 percent in the first quarter compared to a strong same store sales growth a year ago.

“We’re in for the long term (in) China. But we recognize that in the short term, it is going to be bumpy and has been bumpy in the first quarter and it will probably continue to be bumpy,” JFC chief finance officer Richard Shin said.

The decline in the group’s China business is due to a softening of the consumer market.