SSI Group profit dives
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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.
Questions & Answers
Q.What was the main financial result for SSI Group in the first quarter?
What was the main financial result for SSI Group in the first quarter?
SSI Group reported a profit of P122 million (US$2.6 million) in the first quarter. This represented a substantial decrease of 54.5 per cent compared to the same period in the previous year.
Q.Did SSI Group's revenue grow during the first quarter?
Did SSI Group's revenue grow during the first quarter?
Yes, SSI Group's revenues increased by 7 per cent to P4.3 billion in the first quarter of 2016. This growth surpassed their initial forecasts for the period.
Q.How many brands and stores did SSI Group operate in the first quarter?
How many brands and stores did SSI Group operate in the first quarter?
In the first quarter, SSI Group was operating 117 brands and a total of 775 specialty stores. This network covered more than 146,000 square metres of retail space.
Q.What strategies did SSI Group use to increase sales growth?
What strategies did SSI Group use to increase sales growth?
SSI Group attributed its better-than-expected sales growth to using the strength of its brand portfolio and expanding its store network. They also added Mont Blanc to their brand offerings and increased their store count by 29 outlets.
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