SSI 2022 profit hits record high of P1.9B
MANILA -The Tantoco family’s SSI Group saw profits soar to a record high in 2022 as the specialty retailer saw sales boom amid the postpandemic revenge spending wave.
Net income last year reached P1.9 billion, up 1,178 percent compared to the previous year, it said in a stock exchange filing. Full-year revenue also jumped 54 percent to P23.8 billion.
“Our 2022 results demonstrate the resilience of SSI’s core customer base and the strong demand for the brands in our portfolio,” SSI Group president Anthony Huang said in the filing.
More than half of full-year earnings were booked during the consumption-heavy fourth quarter. It ended the period with a profit of P1 billion, up 70 percent, while revenues rose 32 percent to P8.1 billion.
“Robust demand combined with our rationalized store network, which is concentrated in the country’s prime shopping areas, as well as cost efficiencies, allowed the group to deliver record results during the 4th quarter of the year and for full year 2022,” he added.
SSI is the Philippine operator of international retail brands such as Zara, Old Navy and Lacoste. It also operates MUJI and restaurants Shake Shack and SaladStop!
The company’s premium market position also helped it weather inflationary pressures in 2022 as full year operating margins increased to 14.1 percent versus 5.8 percent last year, the filing showed.
Online sales contributed to growth and accounted for 7.7 percent of revenue last year.
“I am pleased that the strategies we began to implement in 2020, strategies meant to enable a quick turn around in the group’s financial performance post-COVID, and strengthen the group’s position as a unified retailer, with a strong brick and mortar and e-commerce presence, delivered the desired results,” Huang said.
“We will continue to capitalize on these strategies, which are meant to drive sales and capture customer demand, through the delivery of compelling customer experiences, anchored on an exciting brand portfolio, a strategic store network and a distinct e-commerce presence, through out 2023,” he added.