SSI Group, the Tantoco family’s retail business holding company, continued to post record growth with net income rising 34 percent to hit an all-time high of P2.58 billion last year as consumer spending sustains its recovery.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said net income improved 4.1 percent to a record high P1.1 billion in the last quarter of 2023.

“Our record full year 2023 results reflect the Group’s ability to capture increasing discretionary spending through our emphasis on delivering world-class customer experiences,” said SSI Group President Anthony T. Huang.

He added that “the Group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position.”

“Within the normalizing operating environment of the last quarter of 2023, the Group saw significant sales growth and gross margin expansion. I believe that the optimized expense base that we benefit from, coupled with the compelling brand portfolio we make available to consumers, will continue to drive growth and profitability in 2024,” Huang noted.

SSI’s revenues in 2023 were at P27.7 billion, an increase of 17 percent while fourth quarter revenues grew 8.4 percent year-on-year to P8.8 billion, also a record high.

“Throughout 2023, the Group benefitted from its unique brand portfolio, strategic store network and resilient customer base, as the Group continued to capture consumers’ increasing discretionary spending on international fashion brands and restaurants,” the firm said.

Gross profit margin was at 45.4 percent in 2023, higher than the 43.8 percent posted in 2022. Fourth quarter gross profit margin increased to 46.7 percent from 45.6 percent in the previous year.

Sales from e-commerce sites and third party marketplaces was at P1.9 billion last year, accounting for seven percent of revenues.