SPECIALTY store retailer SSI Group Inc. on Monday said its income last year doubled to P608.43 million from the previous year’s P275.25 million as sales recovered.
The company said sales for the entire year grew 10 percent to P20.23 billion from P18.46 billion. Sales in the fourth quarter of the year alone reached P6.4 billion, a 7-percent increase.
Sales increases were achieved despite a 7-percent decline in the group’s total floor area, as it focused store openings on developed brands in developed locations. Revenue growth was driven by strong same-store sales growth, with SSG for the fourth quarter at 11.9 percent and SSG for full year 2018 at 12 percent.
“The group’s fourth-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 Anthony T. Huang, the company’s president.
The SSI Group maintains a portfolio of 90 brands, which includes many of the world’s most recognizable brands, and a store network that is located in prime retail locations nationwide.
The group’s store network also includes e-commerce properties of brands for Lacoste, GAP, Payless, Beauty Bar and Superga.
The group also operates TWG and SaladStop! in the Philippines and will be opening the first Shake Shack in the country during the first half of 2019.