Figaro doubles profit to P462m on strong sales, store openings

Figaro Coffee Group Inc. saw its profit more than double in its fiscal year ending June 30, 2023, on the back of strong sales from restaurant business and continued rollout of new stores.

“This remarkable growth was attributed to the company’s aggressive store expansion and openings, which saw the addition of 44 new stores during the reporting period, bringing the total store count to 167 by June 30, 2023,” Figaro said. The company said gross margin declined from 49 percent to 45 percent due to increase in raw ingredients costs. However, operating margin improved from 10 percent to 14 percent on prudent cost management and improvement in operational efficiencies.

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