SSI Group profit dives

SSI Group saw its profit slashed by more than half – or 54.5 per cent – to P122 million (US$2.6 million) in the first quarter, from the same period a year ago.

The Philippines’ largest specialty store retailer recorded a 7 per cent increase in revenues to P4.3 billion in the first quarter of 2016 – outperforming forecasts after the group added Mont Blanc to its brand portfolio and increased its network by 29 stores, SSI said.

“SSI posted better-than-expected sales growth during the first quarter of the year as we leveraged on the strength of our brand portfolio and our store network,” said SSI president Anthony Huang.

In the first quarter, SSI was operating 117 brands and 775 specialty stores covering more than 146,000 sqm, a 6 per cent year-on-year increase in the company’s retail footprint.

“Through the rest of the year, we will continue to focus on top line growth and on maximizing the efficiencies of our store network,” said Huang.