TANTOCO-led specialty retailer SSI Group, Inc. posted a 2.7% decline in its net income for 2024 to P2.51 billion from P2.58 billion in 2023 despite a strong fourth quarter.
Revenue increased by 8.2% to P29.9 billion, SSI said in a regulatory filing late Tuesday.
“Our fiscal year 2024 results reflect the enduring strength of our brand portfolio and the reach of our store network, which continues to attract discretionary demand and maintain a strong presence in the country’s leading retail hubs,” SSI Group President Anthony T. Huang said.
For the fourth quarter, SSI posted an 18.4% net income growth to an all-time quarterly high of P1.2 billion.
October to December revenue increased by 11.4% to a record high P9.7 billion amid the holiday season demand.
“This robust performance was fueled by strong and sustained consumer demand during the holiday season. Strategic initiatives—including delivering consistent, elevated customer experiences and offering a curated assortment of merchandise aligned with evolving customer preferences—played a critical role in driving results,” SSI Group said.
“These efforts reaffirmed the strength of discretionary spending toward globally recognized brands situated in prime retail locations,” it added.
Meanwhile, SSI said its e-commerce sales rose by 14.4% to P2.2 billion in 2024.
The growth reflected strong performance across its proprietary and branded platforms as well as third-party marketplaces, the company said.
“As we move into 2025, we remain focused on delivering world-class retail experiences and preserving operational flexibility in what may be a year marked by both opportunities and challenges,” Mr. Huang said.
Last month, SSI subsidiary Stores Specialists Inc. acquired a 99.4% stake of Rustan Marketing Corp. (RMK) for P232 million to expand its retail presence.
RMK has a network of over 1,300 wholesale and retail outlets. It is the exclusive wholesale distributor of brands such as Samsonite, American Tourister, Tefal Cookware, Lacoste Fragrances, Maison Margiela Fragrances, Spanx, Nuxe Skincare, OPI Nail Polish, and Nine West Footwear.
SSI shares rose by 5.34% or 15 centavos to P2.96 per share on Wednesday. — Revin Mikhael D. Ochave
