SunStar Publishing Inc.
FIGARO Coffee Group has set its sights on new horizons, with upcoming store openings in Laguna, Pampanga, Rizal, Cebu, Pangasinan, Bohol, Ormoc, and Davao for the remainder of 2023.The group’s financial performance for the year ending June 30, 2023, showcased impressive growth and resilience. Revenues surged by a remarkable 75 percent, primarily attributed to the extensive expansion and opening of 44 new stores during the period, bringing the total number of stores to 167.
This expansion was complemented by a six percent increase in same-store sales compared to the previous year, driving total revenues to a substantial P4.28 billion, up from P2.44 billion in the same period the year before.However, the group encountered a slight decline in gross margin, dropping from 49 percent to 45 percent in June 2023.This was largely due to global inflation affecting major raw materials, particularly within Angel’s Pizza.
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