Luxury retailer SSI Group Inc. said Monday it posted a record net income in 2023 as the group continued to benefit from post-pandemic revenge spending.
SSI said in a disclosure to the stock exchange it earned P2.58 billion in 2023, an increase of 34 percent from a year ago as revenues jumped 17 percent to P27.7 billion.
The group also booked an all-time high fourth-quarter net income of P1.1 billion, up 4.1 percent from the same period year.
Fourth-quarter revenues grew 8.4 percent to P8.8 billion as the group benefitted from its unique brand portfolio, strategic store network and resilient customer base.
SSI said its international fashion brands and restaurants continued to capture consumers’ increasing discretionary spending.
“Our record full-year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on delivering world-class customer experiences. The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position,” said SSI president Anthony Huang.
“Within the normalizing operating environment of the last quarter of 2023, the group saw significant sales growth and gross margin expansion. I believe that the optimized expense base that we benefit from, coupled with the compelling brand portfolio we make available to consumers, will continue to drive growth and profitability in 2024,” said Huang.
The company’s brand portfolio can be classified into five categories including luxury and bridge; casual; fast fashion; footwear, accessories and luggage; and others, which include home furnishings and accessories, interior design items, food and personal care.
It operates more than 500 stores across the country. which cover over 100,000 square meters.
SSI formed a joint venture company with Italian luxury fashion brand Prada in December aimed at accelerating the growth of the brand in the Philippines.