SSI Group Inc., the country’s largest specialty store retailer owned by the Tantoco family, said net income surged 121 percent in 2018 to P608 million from P275 million in 2017, boosted by strong fourth-quarter sales.
SSI Group in a disclosure to the stock exchange revenues rose 10 percent to P20.2 billion from P18.4 billion in 2017, driven by the strong performances of the luxury, casual and fast fashion categories.
The group also posted strong same-store sales growth of 12 percent in 2018.
Net income in the fourth quarter jumped 362 percent to P240.4 million, while revenues increased eight percent to P6.4 billion.
“The group’s 4th quarter results were driven by resilient mid and high-end discretionary spending as well as by a rationalized expense base. While we saw increased macroeconomic volatility in 2018, the group continued to leverage
on the strength of its brand portfolio and store network,” said SSI president Anthony Huang.
Operating expenses declined 1.2 percent to ₱7.3 billion, as the group continued to implement the store rationalization program and focus on maximizing scale and improving day-to-day cost efficiencies.
The group’s store network as of end 2018 consisted of 596 stores nationwide covering approximately 120,305 square meters.
SSI Group opened eight stores and closed 14 outlets in the fourth quarter.
SSI Group maintains a portfolio of 90 brands, which include many of the world’s most recognizable labels, and a store network located in prime retail locations nationwide.
The group’s store network includes e-commerce properties lacoste.com.ph, gap.com.ph, payless.ph, beautybar.com.ph, 158db.com.ph, superga.ph, bananarepublic.com.ph and dunelondon.ph
Apart from an extensive portfolio of fashion and personal care brands, the group operates TWG and SaladStop! in the Philippines.
SSI Group will open the first Shake Shack in the Philippines during the first half of 2019.