Upson International Corp., a retailer of personal computer and IT products, said its income in the first quarter rose 2 percent to P112.62 million from the previous year’s P110.21 million.
Sales, meanwhile, rose 14 percent to P2.4 billion from the previous year’s P2.09 billion.
“The start-up costs and other operational priorities associated with the branch rollout will easily translate to revenue improvements. The resulting improvements in profit margins per newly set up branch become more evident after a year,” Upson President and CEO Arlene Sy said.
Currently Upson has 212 branches, while a total of 24 additional branches are under construction or in the process of lease contract finalization.
The company’s operational goal is to have a total of 250 branches by the year end of 2023. This is consistent with Upson’s 5-year rollout plan which aims to have a total of 450 operating branches by end of 2027, the company said.
“We remain confident that our growth momentum will continue throughout the year as we strive to further enhance our market presence to more underserved markets and deliver value to our customers,” Sy said.
Upson is a retail company that operates several retail outlets, such as Octagon Computer Superstore, Micro Valley, Gadget King, as well as concept and specialty stores like Acer, HP, Brother, Octagon Mobile and Silvertec in select locations.
Last April 3, Upson debuted at the Philippine Stock Exchange, raising P1.65 billion via an initial public offering.
