MANILA, Philippines — Upson International Corp. saw its earnings improve in the first quarter as consumer spending, unfazed by brutal inflation, drove sales for the tech retailer.
In a disclosure sent to the Philippine Stock Exchange on Monday, Upson International posted a net income of P112.62 million from January to March, inching up 2.18% on an annual basis.
Sales revenues leapfrogged 14.17% on-year to P2.4 billion in the first quarter.
“The resulting improvements in profit margins per newly set up branch become more evident after a year,” said Upson president and CEO Arlene Sy.
The company said it will be able to recoup start-up costs as it began expanding its retail branch network. Upson noted they have 211 branches as of the first quarter, with 24 branches on the way as some either remain under construction or lease finalization.
The company raised P1.65 billion as it went public in the local bouse on April 3, intending to use proceeds for the expansion of retail store branches.
Upson is targeting 450 operating branches by the end of 2027. The company has several consumer tech retailers under its belt, which include Octagon Computer Superstore, Micro Valley, Gadget King, as well as concept stores like Acer, HP, Brother, Octagon Mobile and Silvertec located across the country. — Ramon Royandoyan