Specialty retailer SSI turns optimistic as income surges 52%

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Photo from: Marks & Spencer PH FB page

By: Business World

SSI Group, Inc. (SSI) is hopeful for an upswing in demand after the enhanced community quarantine (ECQ) as it said the 52% jump in its 2019 earnings proves the appeal of its brands to Filipinos.

The specialty retailer said its net income last year surged 52% to P922 million, while its recurring income increased 34% to P976 million. Revenues rose 11% to P22.4 billion, and same store sales or sales from existing stores grew 7.2%.

SSI said its focus on e-commerce helped it tally higher sales last year, together with increased focus on cost optimization and operating efficiencies.

SSI President Anthony T. Huang said that during these extraordinary times, the company will be utilizing financial gains in a prudent manner to ensure that they are able to weather the challenges brought about by COVID-19.

SSI is the Philippine retailer of international brands such as Gucci, Prada, Kate Spade, Zara, Marks & Spencer, Gap, Lacoste, Banana Republic, Muji, Lush, TWG, SaladStop and Shake Shack.

During the ECQ, SSI said its operations had to be limited to takeout and delivery at its Shake Shack branches in Central Square and SM Megamall, and Marks & Spencer Food Stores in Rockwell, Central Square and Eastwood Mall.

Beauty Bar and Lush are also operating for delivery through their respective online platforms.

 

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