The Filipino food and beverage group doubled down on Angel’s Pizza outlet growth in the full-year ended 30 June 2023, with the restaurant chain significantly overtaking Figaro Coffee as the business’ largest brand
Figaro Coffee Group operates 57 Figaro Coffee stores and 96 Angel's Pizza stores | Photo credit: Figaro Coffee Group
Angel’s Pizza is now the largest driver of sales and outlet growth for Figaro Coffee Group (FCG) as the Filipino food and beverage group continues to shift its focus from coffee to fast-food.
FCG began operations in 1993 with its first Figaro Coffee store in Makati City and steadily grew the chain to 53 outlets in 2021.
However, Figaro Coffee outlet expansion has stalled in recent years, with three net new stores opened in FCG’s 2022 financial year and a single new site opened in the 12 months ended 30 June 2023 to reach 57.
FCG’s recent growth strategy has instead focused on its Angel’s Pizza restaurant chain which has tripled in size over the last two years, from 30 stores in June 2021 to 96 in June 2023.
While FCG did not provide individual brand sales figures in its full-year 2023 accounts, the group did credit the expansion of Angel’s Pizza as a key growth driver, alongside increased volume and ‘efficient management of overhead costs’.
The Filipino food and beverage group, which also operates the nine-store Tien Ma’s restaurant brand and six-store Café Portofino coffee chain, achieved 75% year-on-year sales growth in the 12 months ended 30 June 2023 to reach ₱4.28bn ($75.5m).
FCG’s net income more than doubled to ₱462.6m ($8.2m) during the period, as same-store sales growth across all brands reached 6%.
Future outlet expansion is expected to remain focused on Angel’s Pizza. However, FCG is seeking ‘viable locations’ in Metro Manila to open more Figaro Coffee stores, with shopping centres, hospitals and mixed-use developments cited as prime locations.
Figaro Coffee also operates three international stores – two in Saudi Arabia and one in Qatar.