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.