The pandemic must have been hard for businesses and it did stay true with the Figaro Cofee Group. A few months ago, we were in the midst of their executives to see where their group is heading especially this 2024. The event was graced by Mr. Justin Liu the group's Chairman, Ms. Divine Cabuloy their CEO/President, Mr. Mike Barret their COO/EVP and Mr. Petronio Español III the Figaro Group's CFO.
Still Bullishly Expanding
During the pandemic, they have had really hard times as restaurants were either forced to close or not allowed to have dine in customers sans protocols implemented by the government. Though they have coffee shops, Chinese and other brands, their Angel's Pizza was a hit. It was so much of a hit that they had to absorb employees from different corporations who went in the verge of closing down and get them to work in their new branches. The pizza delivery industry sector went huge, and their flavor and food innovations proved positively good during those years. Today, the FIGARO Coffee Group owns 60 Figaro Coffee stores, 116 Angel's Pizza outlets, over 10 Tien Ma restaurants, and 6 Cafe Portofino branches nationwide. That's over 192 all in all, and they are strategically expanding outside the metro in places like Laguna, Pampanga, Rizal, Cebu, Pangasinan, Leyte, Bohol and Davao. They are thinking of more regions next year, and this expansion comes with careful planning and coordination so no quality would be sacrificed in any of their stores.
Financially Strong, Making Milestones
Their Chairman Justin Liu personally explained their recent milestones in terms of finances in the Figaro Group. Their 75% increase in revenues alone had our jaw dropped and they attribute it to the aggressive expansion projects they made outside Metro Manila. Aside from that, a 6% increase in existing stores has helped achieve great sales figures as compared to 2022, that's over Php 2.44 Billion albeit a decline in gross margins back in June which they attribute to inflation and expensive raw materials. Net income came at a whopping Php 462.6 Million because of their wise mitigation in costs and increase in volume (since they did expand stores), undoubtedly a really good reason to celebrate.
They also added the new Creamy Spinach Sushi Bake to the menu a few months ago. With it, is the highly successful Creamy Spinach Dip Pizza. They also launched the "Sama Sama Sa Angel's Pizza" jingle which I'm sure will add to the really good marketing ploys they launched. They also had a few more viands in their other brands plus Oat based drinks which will make the nutty success in their coffee brands.
This is just the start, and I felt there will be more stores for Angel's Pizza in the Visayas and Mindanao region in the coming months. Figaro really weathered through a storm, survived it, and is flourishing!
Congratulations FIGARO Group!
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