MANILA, Philippines - Listed specialty retailer SSI Group reported its profit surged nearly 50 percent in the first nine months of the year.
SSI, which handles more than a 100 international brands in the Philippines from Gucci and Burberry to Gap and Payless Shoes, posted a P674 million net income in the January to September period.
The company attributed the higher profits to its continued store expansion and sustained gross profit margin levels.
SSI said its revenues jumped 16 percent to P10 billion during the 9-month period from a year ago.
The group had added 87 new stores or additional 23,000 square meters to its store network in the 12-month period ending September 30.
SSI said gross profit margins were at 56 percent during the period versus 50 percent a year ago.
"SSI is entering the fourth quarter on strong footing as we continue to reap the benefits of our store expansion program and of initiatives implemented to enhance profitability. We are optimistic that we will meet this year’s targets and we have seen a strong start to the Christmas shopping season," said Anton Huang, President of SSI Group.
As of September 30, SSI group operated 672 specialty stores covering 118,000 sq.m. and 66 Family Mart stores.