SSI GROUP, Inc., Philippine retailer of Gucci, Zara and Gap, reported a 121% surge in net profit to P608.43 million in 2018, fueled by robust fourth-quarter sales.

In a regulatory filing, the leading specialty store retailer said fourth-quarter earnings soared 362% year on year to P240.4 million, while recurring income rose 41% to P292.5 million.

Full-year recurring earnings grew 11% to P725.3 million.

“The Group’s fourth quarter results were driven by resilient mid and high end discretionary spending as well as by a rationalized expense base. While we saw increased macro economic volatility in 2018, the Group continued to leverage on the strength of its brand portfolio and store network.” Anthony T. Huang, SSI Group president, said in a statement.

Net sales increased 9.6% to an all-time high P20.2 billion in 2018, on the back of an 8% rise in fourth-quarter revenues to P6.4 billion.

“SSI continued to post healthy sales growth driven by the strong performances of its luxury and bridge, casual, and fast fashion categories. This increase was achieved despite a 7.1% year-on-year decline in its total selling space and the closure for renovation of several stores at the SM Mall of Asia during the second half of the year,” the company said.

As of end-2018, SSI had 596 stores covering a total gross selling space of approximately 120,305 square meters (sq.m.) located in 90 shopping malls. This is lower than the 638 stores with gross selling space of 129,486 sq.m. that SSI had in 2017.

In the fourth quarter, SSI opened eight stores covering 286 sq.m., and closed 14 stores with 1,885 sq.m.

The specialty retailer said its portfolio had 90 brands as of end-2018, with the acquisition of Shake Shack and Loewe and discontinuation of some brands. In 2017, it had 108 brands.

SSI said its same-store sales growth remained strong, with 11.9% in the fourth quarter and 12% for the full year.

SSI’s brand portfolio includes Gucci, Prada, Kate Spade, Zara, Marks & Spencer, Gap, Lacoste, Banana Republic, Muji, Lush, TWG and SaladStop.

SSI also said it will open the first Shake Shack in the country within the first half of 2019.