SSI net income doubles in 3rd quarter, readies 2nd Shake Shack branch


Posted at Nov 13 2019 02:55 PM


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MANILA -- Luxury retailer SSI Group said Wednesday third quarter net income doubled as it cut costs and grew sales.

Net income attributable to shareholders grew 107 percent in the quarter ended September to P175 million. Net income for the first 9 months rose 42 percent to P521.3 million, SSI Group said in a stock exchange filing.

SSI recently launched an e-commerce website for Spanish fast fashion label Zara and the Philippines' first Shake Shack branch in Taguig City, with a second branch opening in Mandaluyong City.

"During the third quarter, and through the first 9 months of the year, the group has benefited from a focus on strong execution, cost rationalization and the generation of operating efficiencies," said SSI Group President Anthony T. Huang.

Nine-month sales grew 7.7 percent to P14.9 billion despite a 3-percent decline in total floor area, SSI said.

SSI's brand stable includes Lacoste, Gap, Banana Republic, TWG and Salad Stop.