Figaro Group’s profit up 36% to P83 million as store sales climb

FIGARO Coffee Group, Inc. posted a 36.5% increase in attributable net income to P83.42 million in the first quarter from P61.11 million a year ago, after booking higher revenues.

The listed company starts its fiscal year in July and ends in June of the succeeding year. Through its subsidiary Figaro Coffee Systems, Inc., it operates and franchises retail restaurants.

In the three months ending September, the company’s top line reached P1.02 billion, up by 56.9% from the P649.16 million it booked in the same period last year.

Its top revenue contributor during the quarter is the Angel’s Pizza brand, which accounted for P681.43 million. Its other brands — Figaro Coffee and Tien Ma’s Taiwanese Cuisine — contributed P312.27 million and P24.99 million, respectively.

During the quarter, the company saw a 51.4% increase in systemwide sales to P988.41 million from P653.04 million last year.

“This was brought about by the opening of stores which brought the total number of stores to 138 by end of September,” the company said in its quarterly regulatory filing.

The company’s direct costs during the period climbed to P674.25 million, up by 58.9% from P424.33 million a year ago. Its operating expenses reached P240.77 million, 72.8% higher than P139.33 million in the previous year.

According to the report, the increase in expenses resulted from massive store opening activities and increasing overhead costs. Figaro Coffee operates commercial franchises in the food industry.

On the stock market on Thursday, shares in Figaro Coffee climbed by two centavos or 3.28% to P0.63 apiece. — Justine Irish D. Tabile