SSI Group Q1 Income Drops 59% Despite Higher Sales - BusinessWorld Online

SSI Group Q1 income drops 59% despite higher sales - BusinessWorld Online

TANTOCO-LED SSI Group, Inc. posted a 58.49% decline in first-quarter (Q1) attributable net income even as sales rose by double digits, with higher operating expenses and weaker gross margins offsetting stronger consumer spending. In its quarterly report released last week, the specialty retailer said attributable net income fell to P152.91 million for the January-to-March period from P368.39 million a year earlier. Sales rose 11.4% to P7.64 bill…

SSI Group Sees Profits Plunge as Luxury Spending Goes Out of Style in the Philippines

read the original version on: www.retailnews.asia In the first quarter of 2021, SSI Group, a leading luxury retailer in the Philippines, witnessed a significant drop in profits. The company reported a decrease of 58.5 per cent in net income to US$2.4 million (PHP$152.9 million), even though revenue increased by 11.4 per cent to $123.8 million. This decline in earnings is attributed […] The post SSI Group Sees Profits Plunge as Luxury Spending Go…