Shake Shack CEO Randy Garutti and SSI Group president Anton Huang on the 300-square meter retailer at Central Sq. in BGC
MANILA, Philippines — A powerful fourth quarter blunted the influence of weaker gross sales early in 2024 for Tantoco-led SSI Group Inc., whose earnings final yr noticed a slight decline.
In a inventory alternate submitting on Tuesday afternoon, SSI stated its internet earnings for the yr had dipped by 2.7 % to P2.51 billion.
In the meantime, internet gross sales climbed by 8.2 % to P29.9 billion. Within the fourth quarter alone, gross sales jumped by 11.4 % to P9.7 billion, representing SSI’s highest quarterly efficiency.
SSI is the official distributor of worldwide luxurious manufacturers within the Philippines, together with Lacoste, Hole, Marks and Spencer, Zara and Outdated Navy.
Though the corporate ended the yr with stronger gross sales, it may be famous that SSI had a comparatively weak efficiency within the first 9 months of final yr, significantly within the footwear, equipment and baggage classes.
READ: SSI takes over Rustan’s in P232-M deal
Nonetheless, SSI president Anthony Huang cited the “enduring energy” of their model portfolio and the group’s general attain in attracting “discretionary demand and [maintaining] a robust presence within the nation’s main retail hubs.”
Huang earlier informed the Inquirer that they deliberate to deliver as much as seven new manufacturers to the Philippines this yr, banking on the nation’s consumption-driven financial system to drive progress.
This contains premium vogue manufacturers Alice + Olivia and Sandro Maje.
READ: BIZ BUZZ: No retail Armageddon right here: New vogue manufacturers coming
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