LISTED food and beverage retailer Figaro Coffee Group, Inc. (FCG) is banking on an expected surge in consumer demand in the coming holiday season to boost its business performance.
FCG Chief Executive Officer Divine G. Cabuloy said that the group’s Angel’s Pizza brand had, in the past, registered a surge in sales by as much as 80%, especially in December.
“Holiday season, normally in Angel’s Pizza, like now that it is a long holiday, there is about 50% to 60% increase in sales,” Ms. Cabuloy said at the sidelines of a recent media briefing in Mandaluyong City.
“During December, that’s about 80% increase in sales, meaning that our average daily sales, normally during holidays, increase by 80%. Sometimes, it is doubled,” Ms. Cabuloy said.
FCG currently has 192 stores nationwide across its various food brands. The stores consist of 116 Angel’s Pizza outlets, 60 Figaro Coffee stores, 10 Tien Ma’s Taiwanese Cuisine stores, and six Café Portofino establishments.
Meanwhile, Ms. Cabuloy disclosed that some FCG’s brands had implemented price increases for some products, with Tien Ma’s brand set to impose higher prices by Nov. 1.
She said the implemented price increases are from 5% to 10%.
“We’ve done several price increases, but not all products in Angel’s Pizza. We’re planning a [price increase] for Figaro Coffee, and by Nov. 1 for Tien Ma’s. That’s around 5% to 10% increase. Not across the board. We did not touch the prices of other products,” Ms. Cabuloy said.
“We will not have sharp price increases since we are also consumers and we don’t want to sell products that are too expensive. We are giving good quality and value for money products to our customers,” Ms. Cabuloy said.
FCG previously disclosed that it posted a 133% jump in net income to P462.6 million for its fiscal year ending June 30 versus the P198.2 million net income in the previous fiscal year.
The company’s revenues also increased 75% to P4.28 billion from P2.44 billion, while same-store sales climbed 6%.
Shares of FCG at the local bourse were last traded on Oct. 27 at 63 centavos each. — Revin Mikhael D. Ochave