Figaro Coffee Group Inc. closed its fiscal year 2023 ending June with a P462.6-million profit, an increase of 133 percent from last year’s P198.2 million.
The company attributed this to increasing volume and efficient management of overhead costs.
Topline grew 75 percent to P4.28 billion from P2.44 billion, with same- store sales growing 6 percent.
Figaro attributed this to the company’s aggressive store expansion and openings, which saw the addition of 44 new stores during the reporting period.
Figaro currently has a total of 186 stores across all brands, with more under construction.
Figaro said gross margin dropped to 45 percent from 49 percent as raw ingredients costs rise, though it managed to improve on the operating margin side to 14 percent from 10 percent with “prudent cost management and improvement in operational efficiencies.”
“The Figaro Coffee Group made significant strides in its financial position, complemented by an investment from Monde Nissin during the fiscal year, which bolstered the funds acquired from the IPO (initial public offering) proceeds of the previous year,” the company said.
