SSI doubled six-month profit on higher sales volume, margins
MANILA -The Tantoco family’s specialty retail business SSI Group doubled profits during the first six months of the year as sales and profit margins increased.
Net income from January to June this year surged 105 percent to P1 billion versus the same period in 2022. Its profit during the second quarter alone expanded by 30 percent to P550.3 million.
SSI, whose brands include Prada, Zara, GAP and Muji, saw revenues during the semester reach P12.4 billion, up 24 percent.
“The SSI Group’s focus on delivering compelling customer experiences, backed by a unique brand portfolio and strategic store network, allowed the group to continue to capture strong discretionary spending during the first half of the year,” the company said.
Second quarter revenues were up 11 percent to P6.2 billion.
Moreover, gross profit margin during the semester increased to 46.4 percent from 42.1 percent during the same period in 2022.
“Within the second quarter environment of normalizing sales growth, the group capitalized on other levers of profitability, with higher gross profit margins and lower interest expenses,” SSI Group president Anthony Huang said in a statement.
“I believe our second quarter performance highlights the group’s resilience and ability to leverage on evolving market conditions,” he added.
Online sales also bolstered the company’s performance during the quarter.
SSI Group said online retail platforms and third-party e-commerce sites bolstered sales by P888.7 million. This accounted for 7.2 percent of revenues during the period. INQ
