The Philippines’ largest specialty store retail business, SSI Group, has reported a massive 63 per cent jump in its annual profit.
SSI Group says its 2014 surplus was 998.7 million Pesos (US$66.9 million), up from 613.7 million P ($41 million) in 2013.
The company’s brand portfolio includes Marks and Spencer, Gucci, Burberry, Hermès, Prada, Salvatore Ferragamo, Lacoste, Michael Kors, Kate Spade, Gap, Bershka, Aeropostale, Samsonite, Nine West and Payless Shoe Source.
SSI Group says its performance is the result of an aggressive store rollout program, strong gross profit margins and the depth and breadth of its brand portfolio. It expanded its store network by 126 outlets last year.
The group’s annual sales rose 19 per cent to P15.2 billion, and in the last quarter by 26 per cent to P5.2 billion.
In a statement, SSI Group president Anton T Huang described the outlook for 2015 as positive.
“2014 was a landmark year for SSI as we executed our largest store expansion program to date. We continue to leverage on a brand portfolio that resonates with consumers, on the availability of prime retail space, and on evolving consumption patterns and consumer tastes.
“We expect that these factors will continue to drive our performance in 2015,” he said.
The company now operates 723 specialty stores with a combined floor space of 134,000 sqm and represents 106 brands in the Philippines.
It also operates 90 FamilyMart convenience stores.