# SSI Group's earnings surge to record high By JAMES A. LOYOLA The SSI Group, a retailer focused on the distribution of upscale and foreign brands, reported a 1,178 percent surge in net income to a record P1.9 billion last year compared to 2021 and 137 percent higher than its pre-pandemic earnings in 2019. In a disclosure to the Philippine Stock Exchange the firm said its net income during fourth quarter of 2022 was also an all-time-high at P1.0 billion, an increase of 70 percent from 2021 and 244 percent from 2019. The firm said revenues jumped 54 percent to P23.8 billion last year and was up 32 percent to P8.1 billion in the fourth quarter of 2022. In an acceleration of trends that started during the second quarter of 2022, SSI Group saw a robust increase in sales during the fourth quarter of 2022. The increase in sales, coupled with improved gross profit margins and a rationalized expense base, enabled the Group to generate record earnings in the fourth quarter and full year 2022. The Group likewise generated a large amount of operating cash flow in 2022, with P5.5 billion of operating cash flow generated during the year. Last year’s sales from the firm’s e-commerce sites and third party marketplaces posted growth at P1.8 billion, accounting for 7.7 of 2022 revenue. “Our 2022 results demonstrate the resilience of SSI’s core customer base and the strong demand for the brands in our portfolio,” said SSP President Anthony Huang. He added that, “Robust demand combined with our rationalized store network, which is concentrated in the country’s prime shopping areas, as well as cost efficiencies, allowed the Group to deliver record results during the 4th quarter of the year and for full year 2022.” “I am pleased that the strategies we began to implement in 2020, strategies meant to enable a quick turn around in the Group’s financial performance post- COVID, and strengthen the Group’s position as a unified retailer, with a strong brick and mortar and e-commerce presence, delivered the desired results. “We will continue to capitalize on these strategies, which are meant to drive sales and capture customer demand, through the delivery of compelling customer experiences, anchored on an exciting brand portfolio, a strategic store network and a distinct e-commerce presence, through out 2023,” said Huang.