Jollibee [JFC 224.00, up 0.9%; 300% avgVol] [link] posted a Q1 net income attributable of P2.6 billion, up 27% from its Q1/23 net income attributable of P2.1 billion. JFC said it was able to grow profit margins and exceed its Q1 performance outlook thanks to “healthy top line growth combined with further operational efficiencies and effective management of expenses”. JFC’s system-wide sales were up 10.4% to P86.8 billion due to new store additions and same-store sales growth was up 5.5%, which JFC said was due to increased volume. Across all of JFC’s segmented business units, “Europe, Middle East, Asia” had the largest same-store sales growth (+14.7%) and system-wide sales growth (+25.5%). The “People’s Republic of China” and “Highlands Coffee” were negative in terms of same-store sales growth (-3.7% and -9.0%, respectively), and only the People’s Republic of China business unit was negative in terms of system-wide sales growth (-3.7%). JFC said that its difficulties in China are partly due to a high bar effect from last year’s success, and a slowdown in the quick service restaurant industry in that country more generally. JFC said that while Highlands Coffee saw its same-store sales growth fall 9.0%, it did “better than industry” and managed to gain 4% market share during that period.