SSI Group posts 22% increase in Q1 net income to P267M

Specialty store retailer SSI Group Inc. posted P267 million in net income during the first quarter of 2015, up 22 percent on-year, the company said in a regulatory filing on Wednesday. 

 

Revenues stood at PP4.0B, a 19 percent year-on-year increase, the company said, citing unaudited figures.

 

As of end-March, the Group was operating 746 specialty stores with a retail footprint of 137,746 sqm or 27 percent more than a year earlier. 

 

SSI Group opened 23 new stores covering 4,106 sqm of additional selling space in January to March.

 

Operating rose 28 percent to P514 million, driven by sustained gross profit margins and slower rate of increase for key operational expenditure items such as rental and personnel expenses.

 

As of end-March the Group had 112 brands in its brand portfolio after adding the brands Max & Co, Charming Charlie and Radley, and Amazonas, Jelly Bunny, Kurt Geiger and Lipault.

 

SSI Group was also operating 100 company-owned FamilyMart stores through a joint venture with Ayala Land and Family Mart Japan. – VS, GMA News