Earnings decline at Highlands Coffee, Vietnam's largest cafe chain, in Q3

By Tat Dat December 25, 2024 | 10:03 pm PT

A Highlands Coffee store. Photo courtesy of Highlands Coffee

Highlands Coffee, Vietnam's largest cafe chain, reported earnings of PHP569 million (US$10 million) for the third quarter, down 5% year-on-year.

This is the first time its financial data is published separately by parent company Jollibee Foods Corporation of the Philippines.

For the first nine months Highlands Coffee’s earnings before interest, taxes, depreciation, and amortization (EBITDA) were up 3% to PHP1.7 billion ($29 million).

Same-store sales of outlets that have been operational for at least 15 months fell by 5%.

Highlands Coffee has 815 outlets in Vietnam and overseas, including 57 opened in the first nine months of 2024.

Incorporated in 1999 as a seller of packaged coffee in Hanoi, it expanded into the coffee chain business in 2002, opening its first outlet in HCMC.

It was acquired by Jollibee in 2012.