SSI Group hit record profit in 2022 on recovery of luxury retail

LUXURY retailer SSI Group Inc. said Tuesday it achieved an all-time high net income of P1.9 billion in 2022, up 1,178 percent from P150.9 million in 2021 as the full reopening of the economy boosted consumer spending.

SSI said in a stock exchange filing the 2022 revenues jumped 54 percent yearon-year to P23.8 billion, also an all-time high for the group.

It said fourth-quarter net income reached P1 billion, an increase of 70 percent from the same period last year as sales jumped 32 percent to P8.1 billion.

“I am pleased that the strategies we began to implement in 2020, strategies meant to enable a quick turnaround in the group’s financial performance post-COVID and strengthen the group’s position as a unified retailer, with a strong brick and mortar and e-commerce presence, delivered the desired results,” SSI president Anthony Huang said.

The group’s luxury and bridge and casual wear categories continued to perform strongly, with increases of 25.3 percent and 46.4 percent, respectively, as compared to the same period last year.

It also saw a significant turnaround in the sales of the fast fashion which increased by 110.5 percent and footwear, accessories and luggage categories which grew by 74 percent.

Sales of others brands, comprised of personal care, food and outlet sales, increased as well by 37.5 percent.

SSI said sales from its e-commerce platform also went up by 19 percent in 2022 and accounted for 7.6 percent of total sales.

The group’s store network totaled 524 stores, covering 101,184 square meters as of end-2022. The group opened 12 stores and closed 11 outlets in the fourth quarter.

“Our 2022 results demonstrate the resilience of SSI’s core customer base and the strong demand for the brands in our portfolio. Robust demand combined with our rationalized store network, which is concentrated in the country’s prime shopping areas, as well as cost efficiencies, allowed the group to deliver record results during the 4th quarter of the year and for full year 2022,” Huang said.