Healthy sales push SSI’s Q2 earnings 17% higher

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SSI GROUP, Inc. (SSI) reported its second-quarter earnings increased by 16.6% to P175.3 million, thanks to “healthy” top-line growth from its luxury and casual brands.

In a regulatory filing, SSI said net sales went up 5.5% to P4.92 billion in the April to June period.

For the first half, the company saw net income jump 22% to P345.9 million, on the back of a 6.3% increase in net sales to P9.9 billion.

“The Group continued to post healthy topline growth during the period driven mainly by performance in its luxury and bridge, and casual brands, and the others category, which include food, personal care, and home brands,” SSI said, adding that same-store sales grew by 7%.

SSI said it had 593 stores covering 116,345 square meters (sq.m.) as of end-June. This was lower than the 616 stores with 124,333 sq.m. it had during the same period in 2018.

During the second quarter, the company opened 16 new stores with a floor area of 1,494 sq.m., but closed 17 stores with 4,903 sq.m.

SSI’s total operating expenses rose 4.2% to P3.6 billion, reflecting its store rationalization program and its focus on maximizing scale and improving cost efficiency.