Shake Shack CEO Randy Garutti and SSI Group president Anton Huang at the 300-square meter store at Central Square in BGC
MANILA, Philippines — A strong fourth quarter blunted the impact of weaker sales early in 2024 for Tantoco-led SSI Group Inc., whose earnings last year saw a slight decline.
In a stock exchange filing on Tuesday afternoon, SSI said its net income for the year had dipped by 2.7 percent to P2.51 billion.
Meanwhile, net sales climbed by 8.2 percent to P29.9 billion. In the fourth quarter alone, sales jumped by 11.4 percent to P9.7 billion, representing SSI’s highest quarterly performance.
SSI is the official distributor of international luxury brands in the Philippines, including Lacoste, Gap, Marks and Spencer, Zara and Old Navy.
Although the company ended the year with stronger sales, it can be noted that SSI had a relatively weak performance in the first nine months of last year, particularly in the footwear, accessories and luggage categories.
Still, SSI president Anthony Huang cited the “enduring strength” of their brand portfolio and the group’s overall reach in attracting “discretionary demand and [maintaining] a strong presence in the country’s leading retail hubs.”
Huang earlier told the Inquirer that they planned to bring up to seven new brands to the Philippines this year, banking on the country’s consumption-driven economy to drive growth.
This includes premium fashion brands Alice + Olivia and Sandro Maje.
Source: SSI earnings down 2.7% in 2024 but Q4 sales hit record high
