Businessman Jerry Liu’s Figaro Coffee Group, the operator of Angel’s Pizza and Figaro cafes, is making a final expansion push after reaching a milestone of 200 stores.
In a stock exchange filing on Friday, Figaro Coffee brand and partnership director Ace Azarraga said the company plans to open 16 more outlets before the end of 2023.
The company’s 200th store, an Angel’s Pizza branch, recently opened in Cabuyao, Laguna.
It now 120 Angel’s Pizza branches, 64 Figaro cafes, 10 Tine Ma outlets and six Café Portofino stores.
Figaro Coffee started in 1993 as a home-grown cafe chain focused on locally sourced products.
“Figaro Coffee is a proudly Filipino coffee chain and is one of the most successful to grow on a global scale. Our vision has always been to support our farmers and promote high-quality, local coffee beans,” Azarraga said.
Figaro Coffee recently announced its first quarter results covering the period from July 1 to Sept. 30 this year.
Net income during the period rose 6 percent to P88.2 million while revenues expanded by 29 percent to P1.32 billion, its latest financial report showed. Total systemwide sales during the first quarter climbed by 30 percent to P1.29 billion.