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System wide sales of Jollibee Foods Corporation (JFC), a measure of all sales to consumers, both from company-owned and franchised stores decreased by 31.9% to Php49.5 billion in the fourth quarter of 2020 while revenues decreased by 29.9% to Php36.7 billion versus a year ago primarily as a result of permanent store closures and lower sales per store due to the COVID-19 pandemic.
In a disclosure today (Feb 15), the company said it generated a net income of Php 2.0 billion in the fourth quarter of 2020, after incurring net losses in the past three quarters caused by the pandemic.
Same store sales growth rates by region for the fourth quarter versus year ago were as follows: Philippines -35.2%, China +0.2%, North America excluding The Coffee Bean & Tea Leaf® (CBTL) - 3.5%, EMEAA -8.6%, SuperFoods Group primarily Highlands Coffee in Vietnam -5.4% and CBTL global -21.8%.
These rates of decline represented improvement over those in the third quarter for most businesses, which were as follows: Philippines -45.6%, China -7.7%, North America excluding CBTL -6.6%, EMEAA -11.8%, SuperFoods Group -14.0%, and CBTL -21.6%. JFC continued to make progress on reopening stores that had been closed temporarily.
As of December 31, 2020, 96% of the group’s worldwide outlets were already operating: 100% of stores in China and EMEAA, 98% in the Philippines, 94% in North America, 95% for SuperFoods and 90% for CBTL.
Net income attributable to equity holders of the Parent Company for the fourth quarter of 2020 amounted to Php2.0 billion, 34.5% lower compared to the restated net income for the fourth quarter of 2019.
The 2019 Audited Consolidated Financial Statements of JFC was restated to reflect the additional gain of Php1.1 billion (Php870.3 million of which was attributable to JFC), resulting from the finalization of the independent 3rd Party Valuation of Intangibles in 2020, relative to the acquisition of CBTL.
Basically, the fair market value of the net assets acquired by JFC through its wholly owned subsidiary, JWPL based on the independent 3 rd Party Valuations were markedly higher than the purchase price of Php17.1 billion (USD327.9 million).
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