Fastfood chain Jollibee, may be forced to raise prices this year because of increased electricity costs, reports the Manila Times.
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Jollibee Food Corp., owner of Jollibee, Chowking, Greenwich, Delifrance and Yonghe King (in China) fast-food brands, plans to raise prices by 1% to 2% as expenses dictate, it said.
Ysmael Baysa, JFC chief finance officer, said the company has been gradually increasing its prices due to costlier power.
“We will increase prices slightly. We want our customers to adjust to it and not be caught off guard,” Baysa said.
Despite higher prices, JFC is confident sales will pick up given the increase in the number of customers served.
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By GlobalDataBaysa said the company is hoping costs will remain manageable enough to allow the company to post decent sales.
“We hope the cost escalation would be mild. If that happens, we’d be able to guarantee good sales,” he said.
Baysa said JFC plans to open 20 more Yonghe King stores in China following a pickup in sales.
He said the company opened last year 17 stores in the Chinese mainland, particularly in Shanghai, Beijing, Tienzu, and Guangzou.
Besides China, JFC has stores in Indonesia, Dubai, and the United States. It is eyeing the possibility of opening a store in India.
