LISTED SSI Group, Inc. reported in a regulatory filing on Monday that its total comprehensive loss amounted to P74.15 million for the second quarter, 87% lower than the P585.63-million loss incurred in the same period last year.
“While we began the second quarter with a two-week enhanced community quarantine (ECQ) in April that caused the closure of our brick-and-mortar stores, followed by a four-week modified enhanced community quarantine, sales for the second quarter increased by 294% year on year,” SSI President Anthony T. Huang said in a statement.
The company recorded sales amounting to P2.90 billion, up from P737.89 billion. Its total revenues stood at P2.91 billion for the quarter ending June, nearly three times last year’s P742.78 million.
SSI incurred a recurring loss of P2.8 million in the second quarter.
Meanwhile, its total comprehensive loss for the first semester was down by almost 64% to P173.58 million from P477.34 million. Its recurring loss for the six-month period amounted to P88.7 million.
The company’s sales went up by 28% year on year to P6.42 billion from P5.02 billion. Total revenues grew by 28% to P6.43 billion from P5.04 billion previously.
“The group’s performance during the first half of the year reflected the resilience of SSI’s core customer base, and the pace at which demand, especially for premium and high-end products, is able to recover,” Mr. Huang said.
SSI said its e-commerce sales via trunc.ph, bananarepublic.com.ph, beautybar.com.ph, dunelondon.ph, gap.com.ph, lacoste.com.ph, lush.com.ph, marksandspencer.com.ph, superga.ph, zara.com/ph, payless.ph, and other third-party marketplaces also went up by 298%.
The company said it entered August with a good sales momentum recorded in June and July. It remains optimistic despite the reimposition of ECQ.
“We now have several very clear examples of how quickly our different categories can bounce back when our stores are open and COVID cases are relatively controlled,” Mr. Huang said.
“We will be leveraging on this knowledge and on initiatives meant to optimize our store network, our cost base and to expand our digital channels as we navigate through the rest of 2021,” he added.
On Monday, shares of SSI at the stock exchange declined by 3.57% or four centavos to close at P1.08 each. — Keren Concepcion G. Valmonte
