SSI Group, Inc. Reported P2.58 Billion Net Income in 2023, Up 34%

With net income reaching an all-time high of P2.58 billion, a rise of 34% year-on-year, the SSI Group maintained its record-breaking performance throughout the entire year 2023. 2023 marked a 17% growth in revenues to P27.7 billion.

The group reported record-high quarterly net income of P1.1 billion for the fourth quarter of 2023. The Group continues to capitalize on consumers' growing discretionary spending on restaurants and foreign fashion brands during 2023 because of its strong customer base, strategic retail network, and distinctive brand portfolio.

P1.9 billion, or 7% of FY 2023 revenue, came from sales on e-commerce platforms such as trunc.ph, bananarepublic.com.ph, beautybar.com.ph, dunelondon.ph, gap.com.ph, lacoste.com.ph, lush.com.ph, marksandspencer.com.ph, massimodutti.com.ph, oldnavy.com.ph, superga.ph, zara.com.ph, payless.ph, and third-party marketplaces.

“Our record full year 2023 results reflect the Group’s ability to capture increasing discretionary spending through our emphasis on delivering world-class customer experiences. The Group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position.”

“Within the normalizing operating environment of the last quarter of 2023, the Group saw significant sales growth and gross margin expansion. I believe that the optimized expense base that we benefit from, coupled with the compelling brand portfolio we make available to consumers, will continue to drive growth and profitability in 2024.” said Anthony T. Huang, President of SSI Group.

The SSI Group is the Philippines’ largest specialty retailer, with an established brand portfolio that includes some of the world’s most recognized international brands.