Specialty store retailer SSI profit rises 22% in Q1

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(Source: ABS-CBNnews.com | May 13, 2015)

SSI Group, Inc., the Philippines’ largest specialty store retailer, reported an unaudited net income of P267 million in the first three months of 2015, 22 percent higher than a year ago.

SSI attributed the strong profit growth to store expansion, improvements in operating margins and its expansive brand portfolio, which includes Gucci, Hermès, Gap, Marks & Spencer and Payless Shoe Store.

Revenues jumped 19 percent to P4 billion in the January to March period.

SSI said first quarter operating income rose 28 percent to P514 million, year-on-year, driven by sustained gross profit margins and a slower rate of increase for key operating expenses.

As of end-March, SSI Group said it was operating 746 specialty stores with a retail footprint of 137,746 sq.m. The company opened 23 new stores in the first quarter.

SSI has 112 brands as of end-March, which included 7 new brands in the first quarter –Max & Co; accessories brands Charming Charlie and Radley; and footwear brands Amazonas, Jelly Bunny, Kurt Geiger and Lipault.

As of end-March, SSI operated 100 company-owned FamilyMart stores through its joint venture with Ayala Land and Family Mart Japan.