SSI posts record-high earnings in Q4 2024

Listed luxury and specialty retailer SSI Group Inc. reported Wednesday record-breaking sales in the fourth quarter of 2024 amid the sustained consumer demand during the holiday season, tempering the company’s weak performance in the previous quarters.

In a regulatory filing, SSI said its fourth-quarter net income climbed 18.4% to an all-time quarterly high of P1.2 billion, as sales grew by 11.4% to P9.7 billion.

This brought its full-year net income to P2.51 billion, lower than the P2.58 billion in 2023, even as revenues increased by 8.2% to P29.9 billion. The company saw a P1.263-billion net income in the first three quarters, down from P1.527 billion in the comparable period of 2023.

“Our FY 2024 results reflect the enduring strength of our brand portfolio and the reach of our store network, which continues to attract discretionary demand and maintain a strong presence in the country’s leading retail hubs,” SSI president Anthony T. Huang said.

“As we move into 2025, we remain focused on delivering world-class retail experiences and preserving operational flexibility in what may be a year market by both opportunities and challenges,” he added.

SSI’s brand portfolio is classified into five categories — 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.

The company carries some 99 brands in the Philippines, which include Hermes, Cartier, Salvatore Ferragamo, Zara, Bershka, Stradivarius, Old Navy, Lacoste, GAP, TWG, SaladStop!, Samsonite, Payless ShoeSource, Muji, Pottery Barn, among others. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News