(Source: Manila Bulletin | April 13, 2018)
SSI Group, Inc., the country’s largest specialty store retailer, reported a 19 percent improvement in net income to P275 million last year from the P232 million earned in 2016.
In a disclosure to the Philippine Stock Exchange, the fim said it generated core recurring income of P652 million in 2017, an increase of 12 percent over the previous year.
Revenues were almost flat at P18.5 billion last year, from the P18.4 billion reported in 2016, reflecting increasing productivity during the fourth quarter of the year.
As of end 2017, the Group was operating 638 stores covering more than 129,000 square meters.
SSI Group also generated positive operating cash flow of P1.9 billion in 2017, as a result of strong cashflow generation during the fourth quarter of the year.
“We saw healthy demand from our customers during the fourth quarter of the year, a trend that continued into the first quarter of 2018,” said SSI Group President Anthony T. Huang.
He noted that, “resilient consumer demand combined with the Group’s strengthened store network and increased operating efficiencies were the drivers of the Group’s turn around in 2017. We expect that these same factors will continue to drive our growth in 2018.”
The SSI Group maintains a portfolio of 107 brands, which includes many of the world’s most recognizable brands, and a store network that is located in prime retail locations nationwide.
Through its superior brand portfolio and store network the Group is able to cater to its customers’ passions for well-curated lifestyles and to support the Group’s mission to enhance the lifestyles of Filipino consumers.