SSI Group profit up 4% to P701M

MANILA, Philippines - Listed specialty store retailer SSI Group Inc. saw a slight uptick in profits in the first three quarters of the year despite intense competition in the local retail industry.

SSI said its net income improved four percent to P701 million.

Income, excluding losses of the group’s joint ventures, was nine percent higher year-on-year to P865 million.

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

SSI generated revenues of P11.8 billion during the nine-month period, up 17 percent compared to the same period last year.

Revenue growth continues to be driven by new stores added to the group’s network and by the breadth of its brand portfolio, the company reported.

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

In addition, the group’s brand portfolio grew to 115 brands.