Local fastfood giant Jollibee Foods Corp. said listing its Vietnam businesses composed mainly of coffee shops may take longer than expected as it works to improve the numbers of its operations in the Southeast Asian country.In 2016, Jollibee revealed plans to list SuperFoods in the Vietnam Stock Exchange as early as 2019. The plan, however, fizzled as the global economy grappled with the effects of the Covid-19 pandemic.
Noodle House Pho24 was previously under SuperFoods before Jollibee announced its sale to SuperFoods part-owner Viet Thai International Joint Stock Co. earlier this year. “We do have around 40 stores actually in the Philippines, run by a franchisee,” he said. “We think there’s plenty of room to grow. In fact, in Vietnam, there are over 100,000 Vietnamese coffee shops. So it’s a very interesting and unique market.”
“While systemwide sales in the second quarter were up 7.6 percent, samestore sales were down 8.2 percent due to heavy competition and macroeconomic headwinds in Vietnam,” it said.
Source: News Formal (newsformal.com)
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