Figaro Coffee Group Inc. (FCG), the parent company of Figaro Coffee and Angel’s Pizza, reported a solid 17 percent increase in income in the quarter ending September, bolstered by strategic expansion and operational efficiency.
In a filing to the Philippine Stock Exchange, FCG revealed that its income surged to P103.48 million, up from P88.18 million during the same period last year. Revenue for the quarter also showed growth, rising 6 perce to P1.39 billion from P1.31 billion.
System-wide sales, which include all company-operated and franchised stores, grew by 4 percent to P1.49 billion, driven in part by the opening of 11 new stores, bringing the total store count to 214 by the end of September, compared to 203 at the same time last year.
Despite the positive revenue performance, the company said that its gross profit margin grew at a slower rate of 5 percent, primarily due to rising raw material costs and an increase in the minimum wage, which impacted labor costs. The company attributed these pressures to global inflation, which has affected the cost of direct raw materials.
“While our margin growth was tempered by inflationary factors, we remain confident in our ability to navigate these challenges while executing our store expansion strategy,” said Justin Liu, chairman of FCG. “Our focus is on operational excellence and providing high-quality, convenient food options for Filipino consumers.”
