SSI Group says expansion drove 2014 net income up 63%

Specialty retailer SSI Group Inc. made nearly P1 billion in net income last year, fueled by an aggressive store expansion program.

 

In a disclosure to the Philippine Stock Exchange (PSE) Monday, SSI Group said it posted an unaudited net income of P998.7 million last year, up 63 percent from P613.7 million a year earlier. 

 

Unaudited revenues rose 19 percent to P15.2 billion, driven by the 126 stores the retailer added to its network, the company said.

 

As of end-2014, SSI Group registered 106 brands in its portfolio that were being pushed in 723 specialty stores with 134,000 sqm of retail space. Ninety FamilyMart convenience stores were also part of its store network .

 

“2014 was a landmark year for SSI as we executed our largest store expansion program to date," SSI Group president Anton T. Huang said in a statement.

 

"We continue to leverage on a brand portfolio that resonates with consumers, on the availability of prime retail space, and on evolving consumption patterns and consumer tastes. We expect that these factors will continue to drive our performance in 2015,” he noted.

 

Established in 1987, SSI Group is the main proponent of the Rustan’s Group specialty retail operations. It debuted on the PSE last November 7.

 

The SSI Group includes Stores Specialists Inc. Included in its retail portfolio are the international brands Prada, Gucci, Burberry, Salvatore Ferragamo, Michael Kors, Kate Spade, GAP, Old Navy, Zara, Stradivarius, Bershka, Aeropostale, Samsonite, Nine West, Payless Shoe Source, Beauty Bar, Marks & Spencer, Pottery Barn and TWG.

 

It is also partly operating FamilyMart convenience stores under a partnership deal with Ayala Land Inc. and Japan FamilyMart and Itochu Corporation of Japan. – Danessa O. Rivera/Vs, GMA News