The Tantoco family’s SSI Group continues to benefit from post-pandemic revenge shopping at its upscale stores resulting in net income more than doubling to P1 billion in the first half of 2023 from P491.4 million in the same period last year.

The firm disclosed to the Philippine Stock Exchange that earnings in the second quarter alone rose 30 percent to P550.3 million from P423.7 million last year.

“The SSI Group’s focus on delivering compelling customer experiences, backed by a unique brand portfolio and strategic store network, allowed the Group to continue to capture strong discretionary spending during the first half of the year,” SSI said.

Revenue for the first half of 2023 was at P12.4 billion, a year-on-year increase of 24 percent from P10.1 billion, while revenue for the second quarter of 2023 was at P6.2 billion, an increase of 11 percent from P5.6 billion year-on-year.

During the second quarter of 2023, the SSI Group generated healthy sales growth through its brick and mortar stores, restaurants and online properties. 

The increase in sales, coupled with higher gross profit margins and lower interest expenses drove earnings growth during the period.

“Our first half results continue to demonstrate the value of the Group’s renewed focus on delivering world-class customer experiences that are able to capture the resilient discretionary spending of SSI’s core customer base, and that reflect the ethos of each of the brands in our portfolio,” said SSI President Anthony T. Huang.

He noted that, “our results also reflect the benefits of the Group’s optimized expense base and strong cash position.”

“Within the second quarter environment of normalizing sales growth, the Group capitalized on other levers of profitability, with higher gross profit margins and lower interest expenses,” reported Huang. 

He added that, “I believe our second quarter performance highlights the Group’s resilience and ability to leverage on evolving market conditions.”