Philippines' Figaro Group's pizza business boosts 2023 financial performance
The group owns a total of 192 restaurants and cafes.
Philippine conglomerate Figaro Coffee Group reported a 75% surge in revenues for the year ending 30 June 2023.
Figaro Coffee Group is a coffee company and coffeehouse chain that works on the franchise model it operates 60 Figaro Coffee cafes, 116 Angel's Pizza outlets, 10 Tien Ma's locations, and 6 Café Portofino establishments, a total of 192 stores.
The group attributed its growth to the extensive expansion and opening of 44 new stores during the period, bringing the total number of stores to 167, predominantly of their QSR brand Angel's Pizza. This expansion was complemented by a 6% increase in same-store sales compared to the previous year, driving total revenues to a substantial Php4.28b ($77m), up from P2.44b ($44m) in the same period the year before.
The group saw gross margins drop slightly from 49% to 45% due to global inflation affecting major raw materials for its restaurant and coffee brands. However, this was mitigated by careful management of overhead costs, maintaining
operating expenses at 31.7% of sales, a notable improvement from the 38.8% ratio from the same period the previous year.