Luxury, fast fashion sales drive SSI’s Q3 income

HIGHER sales from its luxury and fast fashion segments helped SSI Group, Inc. deliver a 3.5% growth in earnings during the July to September period.

In a regulatory filing, the listed specialty store retailer reported its net income attributable to the parent increased to P67.7 million during the third quarter, against the P65.4 million a year ago.

Net sales went up 2.7% to P4.16 billion for the three-month period, which the company attributed to its luxury and bridge, as well as fast fashion categories, as well as strong same-store sales. Among the brands under its portfolio include Gucci, Prada, Lacoste, Zara, Gap, Old Navy and Marks & Spencer.

On a nine-month basis, SSI’s attributable profit grew by 11% to P342 million, despite recording flat revenues for the January to September period at P12.6 billion.

“The year-to-date decrease in net sales of 0.4% is in line with the Group’s store rationalization program, which seeks to improve the overall sales quality and operating efficiency of the Group’s store network. The rationalization program also seeks to strengthen the Group’s dominant position in high productivity, central locations,” the company said.

As of end-September, SSI’s store network stood at 652 stores covering 131,885 square meters, 6.8% lower than the 9.597 sq.m. during the same period last year. —