SSI Group earnings up 4-fold in 9 months

MANILA, Philippines — Tantoco-led SSI Group, the country’s leading specialty retailer, benefited from revenge spending on luxury items as its net income went up four-fold to P918 million in the nine months to September this year.

In a statement, SSI said revenue rose by 68 percent to P15.7 billion from a year ago, noting that the robust results in sales, gross profit and net income for the nine-month period exceeded both 2021 and 2019 pre-COVID levels.

“The group’s brand portfolio, store network and e-commerce properties continued to capture robust high-end discretionary spending during the first nine months of the year,” said SSI Group president Anthony Huang.

He said the group’s brands are “top of mind for many consumers” and the stores are in good locations.

“As we move into the Christmas season, the group will continue to execute strategies meant to ensure responsiveness to improving market conditions and to capitalize on strong high end discretionary spending,” Huang said.

In the third quarter alone, SSI generated sales of P5.7 billion, up 93 percent on year, while net income for the period reached P427 million, up 143 percent versus a year ago.

The group’s performance during the nine-month period reflected strong demand for its products as customers continued to shop at optimized store locations.

“The group’s e-commerce business also continued to expand, accounting for 8.6 percent of sales year to date,” Huang said.

The company’s portfolio can be classified into five categories: luxury and bridge; casual; fast fashion; footwear, accessories and luggage; and others, which include home furnishings and accessories, interior design items, food, and personal care.

As of end-2020, SSI’s 96 brands in the Philippines include Hermes, Gucci, Salvatore Ferragamo, Zara, Bershka, Stradivarius, Old Navy, Lacoste, GAP, TWG, SaladStop, Samsonite, Payless ShoeSource, Muji and Pottery Barn.