Upson International FY23 profit: P464-M (down 13.7%)
Upson International [UPSON 43.45 unch] [link], the IT retailer primarily operating through the Octagon retail brand, teased its FY23 financial results headlined by a 13.7% dip in net income to P464 million. UPSON reported a 5.8% increase in revenues to P10 billion, which the company attributed to contributions from new stores, and a 1% increase in same-store sales. This topline uptick was unfortunately outweighed by an 8.9% increase in the cost of inventories sold, contributing to a 9.5% increase in operating expenses. UPSON said that it opened 25 stores in FY23, with 12 of those openings coming in just the 4th quarter alone. UPSON blamed the bottom-line underperformance on “lower gross margin” and “pre-opening costs” from its expansion efforts.
