SSI says Q1 2023 profit surges to record high

MANILA  -The Tantoco family’s specialty retail business SSI Group saw profits surge to a record high during the first quarter of 2023 as sales and margins improved.

Net income from January to March soared 573 percent to P456 million while revenues added 39 percent to P6.2 billion.

“Our first quarter results continue to demonstrate the value of the group’s renewed focus on delivering world-class customer experiences that are able to capture the resilient discretionary spending of SSI’s core customer base, and that reflect the ethos of each of the brands in our portfolio,” SSI Group president Anthony Huang said in a statement.

SSI said gross profit margin during the quarter increased to 45.1 percent versus 37 pecent last year. Operating margin also expanded to 10.3 percent from 4 percent.

Online sales for its various retail stores such as Zara, Beauty Bar and Lacoste, accounted for 7.7 percent of revenues.

“The group continued to deliver record results during the first quarter. Throughout 2023 the group will continue to strengthen its unique position as a unified retailer, with a compelling brick and mortar and e-commerce presence,” Huang said.

SSI announced a cash dividend of P0.079 per share payable on June 23 to shareholders of record as of June 5 this year.