The Tantoco family’s SSI Group saw profits soar to a record high in 2022 as the specialty retailer saw sales boom amid the postpandemic revenge spending wave.
Net income last year reached P1.9 billion, up 1,178 percent compared to the previous year, it said in a stock exchange filing. Full-year revenue also jumped 54 percent to P23.8 billion.
“Our 2022 results demonstrate the resilience of SSI’s core customer base and the strong demand for the brands in our portfolio,” SSI Group president Anthony Huang said in the filing.
More than half of full-year earnings were booked during the consumption-heavy fourth quarter. It ended the period with a profit of P1 billion, up 70 percent, while revenues rose 32 percent to P8.1 billion.
“Robust demand combined with our rationalized store network, which is concentrated in the country’s prime shopping areas, as well as cost efficiencies, allowed the group to deliver record results during the 4th quarter of the year and for full year 2022,” he added.
SSI is the Philippine operator of international retail brands such as Zara, Old Navy and Lacoste. It also operates MUJI and restaurants Shake Shack and SaladStop!
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