Luxury retailer SSI Group posts P68 million net income in Q1

ABS-CBN News

Posted at May 17 2022 09:59 AM

MANILA - Luxury retailer SSI Group on Tuesday said it continued to see pandemic recovery in the first quarter with a net income of P68 million.

The total is 168 percent higher and a significant reversal from the P99 million loss in the same period in 2021, the SSI group said in a disclosure to the stock exchange. 

E-commerce sales for the period rose 21 percent which also comprised 9.4 percent of the total first quarter sales, it said. 

"During the 1st quarter of 2022, the Group continued to benefit from the resilience of our core customer base, the uniqueness of our brand portfolio and the strength of our primary locations," SSI president Anthony Huang said.

"Despite possible headwinds in 2022 in the form of higher inflation and a weaker peso, we continue to be confident that SSI has the resources and expertise necessary to manage volatile market conditions," he added.

For the full year 2021, SSI Group booked a total of P151 million in net income buoyed by strong sales performance in the fourth quarter when COVID-19 restrictions started to ease.

Gucci, Kate Spade, Jo Malone, Prada, and Hermes in the Philippines are among the brands under SSI Group's portfolio.

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