SSI Group, a listed manager and specialty retailer of international fashion brands, on Monday reported net profit last year rising 34 percent to P2.58 billion on consumers’ increasing discretionary spending that buoyed sales of its unique brand portfolio and strategic store network.
The company posted revenue totaling P27.7 billion last year, an increase of 17 percent.
SSI said sales from e-commerce sites such as trunc.ph, bananarepublic.com.ph, beautybar.com.ph, dunelondon.ph, gap.com.ph, lacoste.com.ph, lush.com.ph, marksandspencer.com.ph, massimodutti.com/ph, oldnavy. com.ph, superga.ph, zara.com/ph, payless.ph, and third party marketplaces total P1.9 billion, accounting for 7 percent of 2023 revenue.
SSI president Anthony Huang said the results for 2023 reflect the company’s ability to secure a good slice of the growing discretionary spending through the delivery of world-class 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,” said Huang.
“Within the normalizing operating environment of the last quarter of 2023, the Group saw significant sales growth and gross margin expansion. I believe that the optimized expense base that we benefit from, coupled with the compelling brand portfolio we make available to consumers, will continue to drive growth and profitability in 2024,” he added.
