SSI Group, Inc., the country’s largest specialty store retailer, said net income in 2015 fell 18.8 percent to P810.7 million from P998 million in 2014, as the company faced a more competitive environment.
SSI Group’s share in the net losses of convenience store FamilyMart and department store Wellworth increased to P228.3 million from P144.9 million in 2014.
“SSI faced a more competitive environment during the second half of 2015. However, we remain focused on growing our market share and on optimizing the efficiency of our store network. SSI continues to be in a strong competitive position given the breadth and relevance of our brand portfolio and our store network,” SSI Group president Anthony Huang said.
SSI Group said revenues increased 15 percent to P17.4 billion last year, as new stores were added to the group’s network. As of end-2015, the group was operating 792 specialty stores covering more than 147,000 square meters.