For SSI, e-commerce strategy worked 

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SSI Group Inc. recorded revenues of P22.4 billion last year, up 11 percent from the prior year’s P20.18 billion.

The company said same-store sales growth hit 7.2 percent.

“Through 2019, the Group worked to strengthen its store network by focusing store openings on developed brands in developed locations, and by further expanding its e-commerce presence,” the company said.
SSI, however, said it reduced its retail space by 1 percent last year to 118,922 square meters (sq.m.).

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“By the end of 2019, the Group was operating eight  e-commerce properties, zara.com/phlacoste.com.phgap.com.phbananarepublic.com.phbeautybar.com.phpayless.phlush.com.phsuperga.ph and dunelondon.ph,” the company said.

Operating income was at P1.5 billion, up 24 percent, with operating profit margin at 6.5 percent, up 70 basis points.
“Improvements in the Group’s operating income margin were driven by a continued focus on cost optimization and the generation of operating efficiencies at both the store and head office levels,” the company said.

“Our performance in 2019 validates the strategies that SSI first began to put in place in 2017, strategies focused on strengthening our store network and on maximizing the returns on our unique brand portfolio. These strategies also included an expansion into e-commerce, with SSI in 2019 evolving into the country’s only brick and mortar specialty retailer with a diverse and pervasive e- commerce presence,” said Anthony  Huang, SSI percent.

“After the milestones set in 2019, we, like many consumer and retail companies worldwide are now facing unprecedented conditions resulting from the COVID-19 pandemic. Our primary concern at this time is the safety of our employees and of the communities we serve. As such, we view the temporary closure of almost all of our brick and mortar stores as a reasonable and necessary contribution to the efforts being made to arrest the spread of COVID-19,” he added.

Huang said last year’s performance, is “proof that consumers have a strong affinity for our brands and products.”

“As such, we expect that as conditions normalize we will see a resurgence in demand. However, during these extraordinary times we will be utilizing our financial gains in a prudent manner to ensure that we are able to weather the challenges brought about by COVID-19. We also remain focused on ensuring that our stores are ready to reopen to serve our customers once conditions allow, with the health and safety of our customers and employees foremost in our minds,” said Huang.

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