FIGARO Coffee Group saw its net income expand 84 percent year on year to P480.4 million for the calendar year 2023, anchored on continued store expansion and prudent cost management.
In a disclosure on Friday, the food and beverage firm said total revenues last year jumped 55 percent to P5 billion from P3.2 billion as internal operations were optimized amid inflationary pressures.'We've achieved remarkable milestones, a testament to the dedication and resilience of our team,' Figaro Chairman Justin Liu said, expressing optimism about their future growth prospects.
Figaro opened 67 new stores last year, 55 of which were launched in Luzon, nine in the Visayas and three in Mindanao, bringing its total store network to 203 by year-end.Same-store sales were said to have edged up 6 percent on an annual basis, fueled mainly by the Angel's Pizza brand, complemented by higher dine-in traffic for Tien Ma's Taiwanese stores and Figaro Coffee outlets.
Expansion Lifts Figaro 2023 Profit
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