Jollibee Aims to Become One of Top Five Global Restaurant Groups

   By Cris Larano 
 

MANILA--Jollibee Foods Corp. (JFC.PH) aims to become one of the top five quick-service restaurants in the world in terms of market capitalization, the chairman of the Philippines's largest fast-food chain by sales said Friday.

The company is looking to grow mainly in the Philippines, China and the U.S. by expanding existing operations, forging joint ventures and pursuing acquisitions, Tony Tan Caktiong told shareholders.

Jollibee's profit for the first quarter rose 10% year-over-year to 1.19 billion pesos ($26.4 million), as sales grew 9.5% to 29.91 billion pesos. Its sales in China and the U.S. grew 7.7% and 11.7%, respectively.

The company's profit growth this year would be limited by rising production costs and large capital expenditure, Mr. Tan Caktiong said, but double-digit growth in both profit and sales should be expected beyond 2015. Its profit rose 15% in 2014 and 25% in 2013.

Jollibee operates 2,335 restaurants in the Philippines and 616 stores overseas. In December, it signed a deal with Dunkin' Brands Group Inc. (DNKN) to open 1,400 new donut cafes in China over two decades.

Jollibee has a market capitalization of around $4.7 billion. By comparison, two of the world's most valuable restaurant groups McDonald's Corp. (MCD) and Starbucks Corp. (SBUX) have a market capitalization of $92.5 billion and $70.9 billion, respectively.

Write to Cris Larano at [e-mail]; @CrisLaranoWSJ

Subscribe to WSJ: http://online.wsj.com?mod=djnwires