Pizza unit is Figaro's 'angel' in inflation storm as Q1 profits grow

MANILA, Philippines — Figaro Coffee Group Inc. posted higher earnings in the first quarter, as the opening of new stores helped the company weather a high inflation environment.

Net income grew 52% year-on-year to P99.3 million in the first three month of the year, the company said in a disclosure to the stock exchange on Friday.

Figaro’s top-line in the first quarter jumped 95% on an annual basis to P1.03 billion, with the company’s “Angel’s Pizza” brand being the “strongest revenue contributor”.

“We continue to prudently manage our costs in this inflationary period,” Justin Liu, company chairman and director, said.

Financial results showed Figaro’s same-store sales grew by 6% year-on-year in the January-March period.

The company said its sales growth was fueled by the opening of 29 stores since July last year. As of reporting, Figaro has a total of 155 stores, with 35 stores under construction.

Shares in Figaro ended the morning trade down 1.25%.