SSI Group Reports P2.51 Billion Net Income in 2024

​SSI Group, Inc. (SSI) delivered record-breaking results in the fourth quarter of 2024, with quarterly sales reaching an all-time high of P9.7 billion, representing a +11.4% year-on year increase. Fourth quarter net income also rose to an all-time quarterly high of P1.2 billion, up +18.4% versus the same period in 2023.

This robust performance was fueled by strong and sustained consumer demand during the holiday season. Strategic initiatives—including delivering consistent, elevated customer experiences and offering a curated assortment of merchandise aligned with evolving customer preferences—played a critical role in driving results. These efforts reaffirmed the strength of discretionary spending toward globally recognized brands situated in prime retail locations.

For the full year 2024, the Group generated revenues of P29.9 billion, an +8.2% increase compared to 2023. Full year net income held steady at P2.51 billion, compared to P2.58 billion in FY 2023.

Key Financial Highlights:

• Q4 2024 Revenues: P9.7 billion, +11.4% y-o-y
• FY 2024 Revenues: P29.9 billion, +8.2% y-o-y
• Q4 2024 Gross Profit Margin: 49.6%
• FY 2024 Gross Profit Margin: 45.9%
• FY 2024 E-Commerce Sales: P2.2 billion, +14.4% y-o-y

SSI’s e-commerce growth reflects strong performance across its proprietary and branded platforms:trunc.ph, bananarepublic.com.ph, beautybar.com.ph, bershka.com, gap.com .ph, lacoste.com.ph, lush.com.ph, marksandspencer.com.ph, massimodutti.com/ph, oldnavy.com.ph, zara.com/ph, payless.ph, and third-party marketplaces.

“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. As we move into 2025, we remain focused on delivering world-class retail experiences and preserving operational flexibility in what may be a year marked by both opportunities and challenges,” said Anthony T. Huang, President of SSI Group, Inc.