Specialty retailer SSI's profit almost hits P1-B in 2014


Posted at Mar 23 2015 11:29 AM | Updated as of Mar 23 2015 07:41 PM

MANILA, Philippines - SSI Group, Inc., the Philippines' largest specialty store retailer, said its unaudited net income jumped 63 percent in 2014 to nearly a billion pesos.

The company said its profit stood at P998.7 million in 2014, 63 percent up from P613.7 million in 2013.

SSI Group attributed its strong performance to its store expansion program, the depth of its brand portfolio and sustained gross profit margins.

In 2014, SSI Group said its unaudited revenues rose 19 percent to P15.2 billion. In the fourth quarter alone, revenues increased 26 percent to P5.2 billion, as it expanded its store network by 126

Anton T. Huang, President of SSI Group, is bullish for the company's 2015 prospects.

"2014 was a landmark year for SSI as we executed our largest store expansion program to date. We continue to leverage on a brand portfolio that resonates with consumers, on the availability of prime retail space, and on evolving consumption patterns and consumer tastes. We expect that these factors will continue to drive our performance in 2015," he said.

As of end-2014, the SSI Group had 106 brands in its portfolio and operated 723 specialty stores covering 134,000 sq.m. of retail space, as well as 90 FamilyMart convenience stores.

Among the brands under its portfolio are Gucci, Burberry, Hermès, Prada, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, Gap, Bershka, Aeropostale, Samsonite, Nine West, Payless Shoe Source, Beauty Bar, and Marks and Spencer.