Jollibee Foods Corp on Tuesday said that the company remained “very committed” to expand its stores in China, as it assessed the impact of 2019 novel coronavirus outbreak in China.
Fourteen Jollibee stores in the province of Hubei, all under the brand Yonghe King, remain closed as the province was the epicenter of the 2019 novel coronavirus outbreak that claimed over 400 lives and infected 20,000 others.
Jollibee Foods Corp told the stock exchange that the Jollibee outlets in Hubei represented 1% of its total store network and 3.6% of the total store network in China. According to the disclosure, JFC remained “very committed to keep building and growing a profitable business in China.”
JFC added that it was planning to open “more” stores in China, mainly with Yonghe King, with the goal to have at least 1,000 stores in China in the next few years.
Following the 2019 novel coronavirus outbreak in China, JFC said that employees in China were allowed to work from home and were given face masks, and Yonghe King has been providing meals to the frontline medical staff since January 30.
On Tuesday, the shares of Jollibee were up to 1.94% in early trading as compared to a 1.32% advance on the main index.
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