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Manila Bulletin devider Business devider The Stock Market devider SSI Group posts all-time high earnings

SSI Group posts all-time high earnings

Published May 18, 2023 07:12 am
Upscale brands retailer SSI Group reported 573 percent surge in net income to an all time high of P456 million during first quarter of 2023 from the same period in 2022. In a disclosure to the Philippine Stock Exchange, the firm said its “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.” Revenue for the period was at P6.2 billion, a year-on-year increase of 39 percent. In a continuation of trends that started during the first quarter of 2022, SSI Group saw a robust increase in sales during the first quarter of 2023. The increase in sales, coupled with improved gross profit margins and a rationalized expense base, drove earnings growth during the period. Gross profit margin improved to of 45.1 percent during first quarter 2023 from 37.0percent during the same period in 2022. First quarter 2023 operating income jumped 253 percent to P641 million y-o-y while first quarter 2023 operating margin rose to 10.3 percent, as compared to 4.0 percent during the same period in 2022 SSI’s first quarter 2023 sales from e-commerce sites and 3rd party marketplaces amounted to P477 million, accounting for 7.7 percent of first quarter 2023 revenue. The Group has announced that it will be issuing regular cash dividends of P0.027 per share and special cash dividends of P0.079 per share to shareholders of record as of June 5, 2023, with payment date on June 23, 2023. “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,” said SSI President Anthony T. Huang. He added that, “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.”
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