SSI Group’s profit surges to P2.58 billion
THE TANTOCO family’s listed specialty retailer SSI Group, Inc. saw a 34% jump in its net income to an all-time high of P2.58 billion in 2023, led by strong sales across its brand portfolio.
Revenue climbed by 17% to P27.7 billion last year as the company benefitted from its “unique brand portfolio, strategic store network, and resilient customer base,” SSI Group said in a stock exchange disclosure on Monday.
The company said it also captured the “increasing discretionary spending on international fashion brands and restaurants” of consumers as sales from e-commerce sites and third-party marketplaces, which took up 7% of last year’s revenue, reached P1.9 billion.
“Our record full-year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on delivering world-class customer experiences. The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position,” SSI Group President Anthony T. Huang said.
In the fourth quarter, SSI Group logged a 4.1% increase in net income to P1.1 billion while revenue improved by 8.4% to P8.8 billion.
SSI Group’s brand portfolio covers various specialty and lifestyle concepts spanning luxury, casual and fast fashion, beauty, footwear, home, and restaurant categories.
The company has 96 brands across more than 500 stores. Some of the brands being carried by SSI include Payless Shoe Source, Old Navy, Nine West, Michael Kors, Muji, Shake Shack, and Zara.
On Monday, SSI Group shares rose by 1.05% or four centavos to P3.84 each. — Revin Mikhael D. Ochave
