SSI Group’s 2023 profit hits P2.58B

MANILA, Philippines — Tantoco family-led specialty retail firm SSI Group Inc. ended 2023 with an all-time high of P2.58 billion in earnings as consumer spending on international fashion brands continues to rebound post-pandemic.

SSI on Monday said their net income last year surged 34 percent, while revenues rose by 16.6 percent to P27.7 billion.

In the fourth quarter—considered the most consumption-heavy season due to Christmas shopping—the company booked P1.1 billion in earnings, up by 4.1 percent. This accounted for nearly half of SSI’s full-year income.

SSI is the local operator of several international clothing brands, including Lacoste, Gap, Marks and Spencer, Zara, and Old Navy.

READ: SSI doubled six-month profit on higher sales volume, margins

Sales from the brands’ e-commerce websites and third-party marketplaces stood at P1.9 billion, accounting for 7 percent of the company’s total revenues.

“Our record full year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on world-class customer experiences,” SSI president Anthony Huang said in a statement.

READ: SSI Group expands e-commerce presence

“The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base and a strong cash position,” he added.

SSI in 2020 launched digital platform Trunc.ph to help bring global luxury brands, including Gucci and Michael Kors, in the Philippines, riding on the booming e-commerce industry amid the pandemic.