SSI 9-mo profit up 4% to P701M

SSI Group Inc., the country’s largest specialty store retailer, said profit rose 4 percent to P701 million in the nine months through September as it opened more stores, a recent stock exchange filing showed.

SSI, which retails luxury brands like Hermes and Gucci as well as more accessible labels like Gap, said revenues jumped 17 percent to P11.8 billion.

“Revenue growth continues to be driven by new stores added to the group’s network and by the breadth of the group’s brand portfolio,” SSI Group said.

As of end-September, the SSI Group was operating 781 specialty stores covering more than 143,000 square meters, a 22-percent year-on-year increase in its retail footprint.

At end-September, the SSI Group’s brand portfolio consisted of 115 brands.

Operating income for the nine months ended September 2015 was at P1.5 billion, a 14 percent year-on-year increase while adjusted net income, or income excluding losses of the group’s joint ventures, was at P865 million, up 9 percent.

“Despite a more competitive environment in the third quarter, the Group was able to post strong sales growth during the period,” Anthony T. Huang, SSI Group President, said in the filing.

“Amid an evolving retail landscape we are focused on continuing to grow our market share and on optimizing the efficiency of our store network and our brand portfolio,” he added.

At end-September, the group was operating 113 FamilyMart stores, of which 31 were franchised stores, through its joint venture with Ayala Land and Family Mart Japan.

The group also operates 2 Wellworth department stores as part of another joint venture with Ayala Land.

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