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Thursday, March 28, 2024

SSI Group’s income surges to P175.4m

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SSI Group Inc., the country’s largest specialty store retailer, said third-quarter net income jumped 107 percent to P175.4 million year-on-year, driven by strong top line growth, increased same store sales and controlled operating expenses.

SSI Group said in a recent disclosure to the stock exchange third-quarter revenues rose 11 percent to P5 billion, while operating income climbed 15 percent to P295 million.

The strong third-quarter results pushed the nine-month net income to P521 million, up 42 percent on year.

Nine-month revenues reached P14.9 billion, up 7.7 percent on year.

The group’s sales growth were driven by healthy consumer demand, with same store sales growth at 6.8 percent. 

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SSI Group said it posted the revenue growth despite a three-percent decline in the group’s total floor area.  

The company also generated an operating income of P926.5 million in the first nine months of 2019, with operating margin increasing 90 basis points to 6.2 percent on year.

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