HOMEGROWN fast-food giant Jollibee Foods Corp. is keeping its earnings guidance for the year as it expects second-half performance to be “as strong or better” than the first six months despite inflationary pressures and rising operating costs.
“We are not changing our guidance. We are committed to our guidance and I think the back half will be as strong or better,” Jollibee Group Chief Financial and Risk Officer Richard Shin told analysts earlier this month.“We’ll keep our guidance for now, but we’re very confident that we’ll deliver the guidance on the high end of the range,” he added. Shin said a turnaround strategy in China, including pricing adjustments and stronger delivery channels, had helped lift sales.
On costs, Shin said margins were affected by higher inventory and raw material prices, though the company’s reliance on locally sourced chicken, which makes up more than a third of its raw material costs, limited exposure to foreign exchange risks. “Our margins are still very strong, at 90.1 percent gross profit,” he noted. Jollibee is also shifting its capital structure strategy to rely more on debt, which carries a lower cost than equity financing.
Confident In Maintaining Strong Second-Half Earnings Amid Rising Costs
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