SPECIALTY retailer the SSI Group, Inc. reported a net income of P67.7 million in the first quarter, turning around from a loss of P99.5 million in the similar period the year before.

“The group continued to see a recovery from the COVID pandemic during the first quarter of 2022. Despite a challenging January, with Omicron cases at peak levels, sales and foot traffic quickly picked up in February and March, with the group seeing strong demand across the range of its categories, and with sales approaching 2019 levels,” SSI said in a disclosure on Tuesday.

In the first quarter, sales were up 28% to P4.5 billion, with e-commerce sales also increasing by 21% year on year.

“Despite possible headwinds in 2022 in the form of higher inflation and a weaker peso, we continue to be confident that SSI has the resources and expertise necessary to manage volatile market conditions” SSI President Antho-ny T. Huang said in a statement.

In 2021, the company’s net income was up 117% to P151 million. Revenues likewise rose by 26% to P15.5 billion.

The company’s brand portfolio ranges from luxury, casual, fast fashion, footwear, accessories and luggage, among others.

SSI’s specialty retail footprint consisted of 570 stores located within approximately 83 malls across the Philippines.

At the stock exchange, SSI Group shares surged 8.55% or P0.10 to close at P1.27 on Tuesday. — Luisa Maria Jacinta C. Jocson