Friday 19 January
Powered by Ajaxy
Nov 14, 2016 @ 21:38

Tantocos’ Store Specialists Group eyes return to profitability

 

Struggling SSI Group Inc., the country’s largest specialty store retailer, is hoping to pull off a major turnaround next year, banking on its diversified brand portfolio and a resilient consumer demand.

The Tantoco-led retail group, which reported a 43 percent drop in third quarter earnings, is seeking a return to growth as it streamlines operations and expands its product offerings.

Nine-month net income declined 56 percent to P306 million on higher costs associated with its store rationalization program.

Revenues rose 7.2 percent to P12.6 billion.

The group ended the third quarter with 720 specialty stores covering more than 141,000 square meters, as well as 114 brands.

SSI Group also operates four online properties, payless.ph, the first website outside of the United States of Payless ShoeSource, beautybar.com.ph, the first e-­‐commerce site for a local personal care chain, ssilife.com.ph, an online market place carrying more than 60 brands and 158.db.com.ph, the Group’s outlet and discount site.

“For the balance of the year we remain focused on driving top line growth and operating efficiencies as we look forward to a strong Christmas shopping season. I remain confident that the actions we are taking in 2016 will ensure a return to growth from 2017 onwards.” said SSI Group president Anthony T. Huang.

Tags: , , , , ,

Related Stories
Apple announced Wednesday it would pay about $38 billion in taxes -- likely the largest
Google on Tuesday said it is adding three new undersea data cables as it continues
Under pressure to provide data on pay equity, US financial giant Citigroup said Tuesday its
Volkswagen said Sunday that its namesake brand sold more vehicles worldwide in 2017 than ever


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - bilyonaryo.com.ph.