TANTOCO-led specialty retailer SSI Group, Inc. recorded a 22% increase in its net income during the third quarter to P520 million amid higher revenues.
In a statement on Wednesday, SSI Group said its third-quarter revenues rose by 16% to P6.5 billion.
From January to September, the company said its net income grew by 66% to P1.5 billion while revenues improved by 21% to P19 billion.
“The group’s focus on engaging customers through a compelling brand portfolio, strategic store network and diverse on-line presence, allowed the group to capture strong discretionary spending during the first nine months of the year,” SSI Group said.
According to SSI Group, nine-month sales from its various e-commerce sites and third-party marketplaces reached P1.4 billion, accounting for 7.5% of its nine-month revenue.
SSI Group President Anthony T. Huang said the company’s nine-month results “demonstrate the value of group emphasis on delivering world-class customer experiences.”
“The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position,” Mr. Huang said.
SSI Group’s brand portfolio covers various specialty and lifestyle concepts spanning the luxury, casual and fast fashion, beauty, footwear, home, and restaurant categories. Based on its website, the group has 96 brands across 555 stores.
On Wednesday, shares of SSI Group rose nine centavos or 3.32% to P2.80 apiece. — Revin Mikhael D. Ochave