Figaro Coffee Group, Inc. (PSE:FCG), a rapidly expanding food group, has delivered impressive financial performance in its fiscal third quarter, which ended on March 31, 2023.
During the three-month period, the company’s revenues reached P1.03 billion, reflecting a remarkable growth rate of 95% compared to P528 million from the same period last year. Additionally, same-store sales experienced a 6% increase. For the nine-month period spanning from July 2022 to March 31, 2023, Figaro Coffee Group recorded revenues of P3.07 billion, representing a notable growth rate of 73% from P1.77 billion.
The company’s strong sales growth can be attributed to the opening of 29 new stores between July 2022 and March 31, 2023. Currently, Figaro Coffee Group operates a total of 155 stores, with an additional 35 stores currently under construction.
In terms of gross profit, the company witnessed a significant increase of 75.5% during the three-month period ending March 31, with gross profit totaling P487.8 million compared to P277.9 million during the same period last year. However, due to the inflationary environment, the cost of goods sold rose by 5.3% to 52.6% from 47.3%. Net income after tax for the three-month period amounted to P99.3 million, reflecting a growth rate of 52% from P65.3 million, while net income after tax for the nine-month period reached P370.6 million, representing a growth rate of 56.5% from P236.7 million. Notably, the company’s net income after tax for the nine-month period of P370.6 million surpassed its full-year net income of P251 million in 2022, indicating a growth rate of 48% despite the shorter time frame.
Justin Liu, Chairman and Director of Figaro Coffee Group, expressed optimism about the company’s strong performance, attributing it to the improving consumer environment in the Philippines following the pandemic. He highlighted Angel’s Pizza as the top revenue contributor, with its aggressive expansion and growing customer base. Furthermore, Figaro Coffee, Tien Ma’s, and Cafe Portofino, the company’s other brands, continue to experience steady growth. Liu emphasized the importance of prudent cost management during this inflationary period to ensure the delivery of high-quality products at affordable prices. With the company’s expansion into areas beyond Metro Manila, he remains optimistic about the future trajectory of Figaro Coffee Group and the Philippine economy as a whole.