Jollibee Foods Corporation (JFC) is looking forward to achieving double-digit growth rates in sales and profit for the entire year on the back of strong gains in the first half and better prospects in the second semester.

According to chief finance officer Ysmael Baesa said sales in the second quarter grew faster than the first quarter and the same period last year.

JFC Chairman Tony Tan Caktiong said they expect this trend to continue in the second semester barring any major calamities such as the strong typhoons which caused massive flooding last year, forcing some branches to suspend operations.

Aside from the improving local and overseas economies, growth will also come from the firm’s continued expansion in the Philippines and China.

Jollibee plans to spend P4 billion this year to open a total of 200 new stores: 100 in the Philippines and 100 abroad. It eyes to bring its stores network to 2,000 by year end.

The group had opened a total of 88 stores in the first six months of the year, 45 in the Philippines and 43 abroad, mostly in China with 30 new stores.

As of end June, the company has a total of 1,941 stores globally. About 700 Jollibee stores are in the Philippines while 60 are abroad and 408 Chowking stores locally plus 35 stores abroad.

The group also includes 223 Greenwich stores; 214 Red Ribbon stores; 24 Delifrance stores; 15 Manong Pepe stores; 177 Yonghe King stores in China; and 49 Hong Zhuang Yuan stores, also in China.

The system-wide sales of the Jollibee group of companies rose 10.6 percent in the second quarter of 2010 to P17.57 billion while first semester sales rose 9.5 percent to P33.91 billion.

The firm said growth was driven by a 5.7 percent increase in store network and a 5 percent rise in sales of stores that were at least one year old.

Sales in the Philippines rose by 9.4 percent while those abroad jumped 16.8 percent led by China which grew by 22.5 percent, Vietnam by 99.3 percent and Middle East countries by 33 percent.

Sales from foreign operations accounted for 17 percent of the Jollibee group’s worldwide sales in the second quarter of 2010.

For the first six months of the year, revenues rose by 10.5 percent to P25.64 billion while net income grew by 9.8 percent to P1.44 billion. (JAL)