Latest news with #WestCovina
Yahoo
08-07-2025
- Business
- Yahoo
Jollibee Group Reports Strong Q1 2025, Fueled by Global Expansion with Strong PH and International Growth
WEST COVINA, CA / / July 8, 2025 / The Jollibee Group (PSE:JFC), one of the largest and fastest growing restaurant companies in the world, announced its unaudited financial results for the first quarter ended March 31, 2025. Jollibee Group Q1 2025 Financial Highlights show strong sales and revenue growth, with systemwide sales up 18.9% and revenue up 14.6% year-on-year. Financial Data Quarter 1 (Unaudited)In PHP Millions Except for Per Share Data % Change 2025 2024 System Wide Sales 103, 197 (US$ 1,757) 86,827 (US $1,478) 18.9 Revenues 70,226 (US$ 1,196) 61,304 (US$ 1,044) 14.6 Operating Income 4,809 (US$ 81.9) 4,091 (US$ 69.7) 17.6 EBITDA 9,776 (US$ 166.5) 8,949 (US$ 152.4) 9.2 Net Income 2,499 (US$ 42.6) 2,704 (US$ 46.0) (7.6) Net Income Attributable to Equity Holders ofthe Parent Company 2,406 (US$ 41.0) 2,617 (US $ 44.6) (8.1) Earnings Per Share - Basic 2.069 (US$ 0.035) 2.244 (US$ 0.038) (7.8) Earnings Per Share - Diluted 2.062 (US$ 0.035) 2.238 (US$ 0.038) (7.9) Jollibee Group's consolidated revenues grew 14.6% year-over-year to Php 70.2 billion (US$1.20 billion), driven by robust system-wide sales (SWS) growth of Php 103.2 billion (US$1.76 billion), an increase of 18.9% compared to the Php 86.8 billion (US$1.48 billion) in the first quarter of 2024. This strong performance was supported by continued momentum in Jollibee North America where system-wide sales rose by 10.9%, alongside notable growth in Asia and other international markets. Ernesto Tanmantiong, Jollibee Group Global President and CEO commented, "We are pleased with our first quarter performance, particularly the continued growth in international markets such as North America, where our brands are gaining deeper resonance with local and regional consumers. We are proud to see our brands thrive in diverse cultural settings affirming our belief in the global appeal of the Jollibee Group portfolio. We are also optimistic about the addition of another strong brand in our portfolio, Tim Ho Wan, which further strengthens our position in one of the world's most dynamic consumer markets and supports our long-term international growth strategy." In Q1 2025, system-wide sales for Jollibee U.S. and Canada grew by 10.9%, contributing to a 1.3% increase across all North America brands, including Smashburger, Red Ribbon, and Chowking. As of March 2025, the Jollibee Group operated 361 stores in the region. The Group's international business recorded a 29.5% surge in system-wide sales, significantly boosted by recent acquisitions including Compose Coffee and Tim Ho Wan, which became 100% owned as of 02 January 2025. The Coffee and Tea segment, which represents 45.4% of the Group's international business sales, posted a 62.2% increase, with Compose Coffee accounting for nearly half (49%) of that growth. In the Philippines, system-wide sales rose 11.9% in Q1 2025, driven by strong same-store sales growth across its core brands: Jollibee (+8.6%), Mang Inasal (+15.9%), Chowking (+6.2%), and Red Ribbon (+11.1%). Volume growth-measured by transaction count-was the primary driver behind these gains. The flagship Jollibee brand continued to perform well globally, growing system-wide sales by 13.9%. Regional highlights include Southeast Asia's 27.8% growth, China (Hong Kong and Macau) at 12.9%, Europe at 10.9%, Middle East at 12.9%, Guam at 20.2%, and North America at 10.9%. These positive results were able to offset the challenges in Smashburger and China business. Smashburger experienced an 8.0% decline in same-store sales, mainly due to lower transaction volumes. The China business declined 8.3%, although Yonghe King showed sequential monthly volume improvements during the quarter. Financially, operating income increased 17.6% to Php 4.8 billion (US$81.9 million) despite a 56.2% rise in advertising and promotional expenses as part of the Group's brand-building efforts. Gross profit margin improved by 30 bps, and operating income margin rose by 10 bps. Net income attributable to the parent company (NIAT) decreased 8.1% to Php 2.4 billion (US$ $41.0 million), largely due to higher below-the-line expenses. However, when compared quarter-on-quarter, both operating income and NIAT increased by double digits, reflecting operational strength. Richard Shin, Global Chief Financial and Risk Officer, remarked, "We delivered strong revenue and operating income growth while investing meaningfully in brand building. Our disciplined execution and solid operational fundamentals helped us expand margins, even with elevated promotional spending. We remain confident in achieving our full-year 2025 guidance." As of March 31, 2025, Jollibee Group operated a total of 9,935 stores worldwide, marking a 44.3% increase year-over-year. This total includes 3,393 stores in the Philippines and 6,542 international stores. Key international locations include 560 stores in China, 361 in North America, 393 in Europe, Middle East, Asia, and Australia (EMEAA), 865 Highlands Coffee outlets primarily in Vietnam, 1,246 The Coffee Bean & Tea Leaf locations, 340 Milksha stores, 2,700 Compose Coffee stores, and 77 Tim Ho Wan locations. Corporate Action The Board of Directors approved a regular cash dividend of Php 1.33 (US$ 0.024) per share, payable to shareholders of record as of May 2, 2025. The payment was released on May 16, 2025. Forward-Looking Statement Disclaimer The foregoing disclosure contains forward-looking statements that are based on certain assumptions of Management and are subject to risks and opportunities or unforeseen events. Actual results could differ materially from those contemplated in the relevant forward-looking statement, and the Jollibee Group gives no assurance that such forward-looking statements will prove to be correct or that such intentions will not change. This Press Release discloses important factors that could cause actual results to differ materially from the Jollibee Group's expectations. All subsequent written and oral forward-looking statements attributable to the Jollibee Group or person acting on behalf of the Jollibee Group expressly qualified in their entirety by the above cautionary statements. About Jollibee Group The Jollibee Group (PSE: JFC) is one of the world's fastest-growing restaurant companies, driven by its purpose of spreading joy through superior taste. Its portfolio includes 19 brands with over 9,900 stores across 33 countries. The Jollibee Group's portfolio includes nine wholly owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger and Tim Ho Wan), five franchised brands (Burger King, Panda Express, Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery in the Philippines), and ownership stakes in other key brands like The Coffee Bean and Tea Leaf (80%), Compose Coffee (70%), SuperFoods Group that operates Highlands Coffee (60%), and bubble tea brand Milksha (51%). The Company also has membership interests in Tortazo, LLC, along with Chef Rick Bayless, for Tortazo in the U.S. and has recently invested in Botrista, a leader in beverage technology. The Jollibee Group's global sustainability agenda, Joy for Tomorrow, underscores its commitment to sustainable business practices across food safety, employee welfare, community support, good governance, and environmental responsibility, among others. These focus areas are aligned with the United Nations Sustainable Development Goals (UN SDGs). The Jollibee Group has been recognized as the Philippines' Most Admired Company by the Asian Wall Street Journal, named one of Asia's Fab 50 Companies, and listed among Forbes' World's Best Employers and Top Female-Friendly Companies. The Company is also a three-time Gallup Exceptional Workplace Award recipient and featured in TIME's World's Best Companies and Fortune's Southeast Asia 500 List. To learn more about Jollibee Group, visit Media Contact Katz SOURCE: Jollibee Group View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-06-2025
- Automotive
- Yahoo
Dave Cantin Group Facilitates Two California Dealership Transactions in One Week Amid Acceleration in Automotive M&A Activity
DCG sees significant momentum building for Q3/Q4 deal closings NEW YORK, June 27, 2025 (GLOBE NEWSWIRE) -- The Dave Cantin Group (DCG), a leading mergers and acquisitions advisory company to retail automotive groups and their owners, today announced the successful closings of two California dealership transactions in a one-week period in June, a sign of growing momentum in the 2025 automotive buy/sell market and interest in California. DCG's recent transactions include the sale of Audi West Covina and the strategic divestiture of Subaru of Hayward (formerly One Subaru). DCG's experienced advisors facilitated the transactions, highlighting the company's regional expertise, national reach, deep market insights and strategic advisory approach. 'California is seeing an uptick of interest from the industry and there's some pending legislation which will make the state much more attractive,' Dave Cantin Group CEO Dave Cantin said. 'Each of these California closings required navigating different dynamics, from OEM right-of-first-refusal provisions to complex family partnerships and strategic divestitures. Our team's ability to deliver trusted counsel and smart strategy is what helps us continue to drive meaningful outcomes for our clients.' Deal Highlights Audi West Covina Location: West Covina, California Seller: Envision Motors Buyer: Victor Oh, Grace Motorcars Closing Date: June 10, 2025 DCG Representation: Anthony Holbrook (Managing Director) and Mike Lacey (Managing Director)This transaction marks the third divestiture DCG has supported for Envision Motors as it aligns its portfolio to focus on long-term strategic growth. Despite headwinds in the import luxury segment, DCG facilitated a successful closing by leveraging deep buyer networks and proven transaction management. Subaru of Hayward (formerly One Subaru) Location: Hayward, California Seller: Brian and Devin McCafferty Buyer: Uwe and Chris Waizenegger, Mercedes-Benz of Pleasanton Closing Date: June 16, 2025 DCG Representation: Alex Covino (Managing Director)DCG managed this transaction, helping the seller strategically divest while supporting the buyers in acquiring a high-potential open point in a prime Bay Area market. The rebranding of Subaru of Hayward reflects a new chapter for the store under experienced new ownership.L to R: Tony Karabon, Executive Vice President, Dave Cantin Group; new owner Chris Waizenegger; previous owner Devin McCafferty; and Alex Covino, Managing Director, Dave Cantin Group About Dave Cantin Group The Dave Cantin Group is a leading automotive M&A advisory company specializing in acquisitions, divestitures, intelligence, and other advisory services. The company is the M&A services provider of choice for North America's top automotive dealership groups, advising on approximately 40 transactions annually. DCG is differentiated by its advisory approach, long-term lens on client relationships, and commitment to market intelligence tools that inform DCG and client strategies. In 2023, DCG became the only retail automotive M&A company with a significant strategic investor, welcoming Kaltroco to the DCG family. Through its M&A intelligence division, DCG produces automotive content and delivers relevant, timely marketing intelligence, including the automotive industry Market Outlook Report (MOR). Together with CBT News, DCG produces the Inside M&A studio show and podcast to share stories, news and trends impacting the retail automotive industry. DCG's proprietary AI-enabled software, Jump IQ, anchors its advisory services that support retail automotive dealers in developing informed M&A strategies and making smarter M&A decisions. The company's nonprofit initiative, DCG Giving, funds child and adolescent cancer research and treatment in communities nationwide and other worthy charitable initiatives. DCG team members regularly feature on the industry speaking circuit and are often cited by top national and global news outlets. For more information, please visit Media Contact:Katie Merxkatiemerx@ 313.510.5090 A photo accompanying this announcement is available at in to access your portfolio
CBS News
03-06-2025
- Business
- CBS News
2 West Covina women arrested for alleged $4.8 million hospice care fraud
The U.S. Department of Justice announced that two West Covina women were arrested Tuesday for an alleged scheme to defraud Medicare of $4.8 million with false hospice care claims. One of the women who was arrested is the owner and operator of two West Covina hospices, Golden Meadows Hospice Inc., and D'Alexandria Hospice Inc., which billed Medicare for hospice services for patients who were allegedly not terminally ill. Between Sept. 2018 and Oct. 2022, owner and operator Normita Sierra, 71, and an accomplice, Rowena Elegado, 55, collected more than $3.8 million from Medicare on false claims, the DOJ said. Sierra, of West Covina, is charged with nine counts of healthcare fraud, one count of conspiracy, and four counts of illegal remuneration for healthcare referrals. Elegado, also of West Covina, is charged with one count of conspiracy, and four counts of illegal remuneration for health care referrals. Sierra and Elegado allegedly worked together to pay marketers to recruit patients to the hospices, knowing that most of those patients had not been referred by their primary care physicians for such services. According to the DOJ, once enrolled, the fraudulent patients rarely died in hospice care and were often discharged after six months, with payouts reaching as much as $1,300 per patient each month they stayed in hospice service. Others involved in the alleged scheme include Carl Bernardo, 53, of Chino, who pleaded guilty in September 2024 to one count of receiving kickbacks in connection with a federal health care program, and Relyndo Salcedo, 60, of Fontana, a nurse practitioner who pleaded guilty on May 22 to one count of health care fraud. According to the DOJ, Salcedo was pressured to admit ineligible patients into the hospice and then exaggerated and falsified the patients' conditions to make them seem terminally ill. If convicted of the charges, Sierra would face a maximum sentence of 10 years in federal prison for each count of healthcare fraud. Sierra and Elegado would face up to five years in federal prison for the conspiracy count and up to 10 years in federal prison for each illegal kickback count. The United States Department of Health and Human Services Office of the Inspector General and the FBI investigated the matter.
CBS News
31-05-2025
- General
- CBS News
West Covina woman chases away catalytic converter thieves
A camera captured the moments a West Covina woman used her metal bat to smash the getaway car for a group of catalytic converter thieves. The video shows the woman running after the thieves right after they chopped off her catalytic converter. The woman beat the side of the suspects' getaway car as they sped away from her neighborhood early Friday morning. "They get what they deserve," her friend said. "It's going to come back at them at one point." You could hear a saw slicing through the metallic part in other security footage. "It's upsetting, I get that," the woman's friend said. "Those parts aren't cheap. They're expensive." Some neighbors said their catalytic converters were stolen in the past couple of years. While the raw metal may be worth between $200 and $300, replacing it without help from insurance can cost as much as $4,000. "It's dumb; they're just lowlifes at that point," the victim's friend said. Just go get a job."
