SSI net income hits‘all-time high’

SPECIALTY retailer SSI Group Inc. said Monday that it achieved an “all-time high” net income of P2.58 billion last year, 33.7 percent higher than the P1.93 billion booked in 2022, amid increasing consumer demand and discretionary spending.

Consolidated revenues were up 16.6 percent year on year to P27.7 billion, with the group taking advantage of robust consumer preference for international fashion brands and restaurants.

Sales from e-commerce sites and third-party marketplaces, which accounted for 7.0 percent of the group’s total revenues, amounted to P1.9 billion.

“Our record full-year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on delivering worldclass customer experiences,” SSI Group President Anthony Huang said in a statement.

“The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position,” he added.

“Within the normalizing operating environment of the last quarter of 2023, the group saw significant sales growth and gross margin expansion.”

Huang expressed optimism that the company would be able to sustain its growth and profitability this year amid cost-efficiency measures, complemented by a “compelling” brand portfolio. For the fourth quarter alone, SSI Group posted a “recordhigh” profit of P1.1 billion, up 4.1 percent year on year, as revenues grew 8.4 percent to P8.8 billion.

The company’s brand portfolio is categorized into luxury and bridge, casual, fast fashion, footwear, accessories, and luggage. As of end-2022, it had represented at least 85 brands, including Hermes, Gucci, Salvatore Ferragamo and Bershka.

SSI Group is also currently operating more than 500 specialty retail stores located within approximately 80 major malls across the country.

The company’s share price rose 4 centavos, or 1.05 percent, to close at P3.84 on Monday.