SSI Group posts P918m net income

SSI Group has posted a record net income with nine months’ net income at P918 million, up 307 percent versus the same period in 2021. The SSI Group continued to deliver robust results with sales, gross profit and net income exceeding both 2021 results and 2019 pre-Covid levels. The Group generated sales of P5.7 billion during the third quarter, an increase of 93 percent year-on-year, and an increase of 13 percent, as compared to the third quarter 2019. Net income for the third quarter was at P427 million, up 143 percent versus the same period in 2021. The group’s performance reflects strong demand for the group’s products as customers continued to shop at optimized store locations and as the group’s brands remained top of mind for consumers. The group’s e-commerce business also continued to expand, with e-commerce accounting for 8.6 percent of sales year-to-date September. (PR)