Push Admin

Specialty retailer SSI Group trims net loss as consumers go back to socializing

Article (news)

ABS-CBN News

<p>MANILA - Specialty retailer SSI Group Inc on Monday said it reduced its net loss for the first 9 months of the year by 42 percent to P445 million from P762 million during the same period last year due to strong sales in the third quarter. </p><p>For the third quarter, net loss was at P271 million, SSI Group told the stock exchange.</p><p>Sales were strong during the third quarter, reaching P2.9 billion despite the lockdown in August and the modified enhanced community quarantine in September, the specialty retailer said. </p><p>Third-quarter sales were up 28 percent in the third quarter, which brought the total sales for the first 9 months to P9.3 billion, also higher by 28 percent compared to a year ago, SSI Group said.</p><p>Since the further easing of restriction in November, &quot;we have seen significant growth in sales as more customers return to malls and to working from their offices, and as people have begun to socialize and prepare for Christmas season,&quot; SSI president Anthony Huang said. </p><p>The group distributes some high-end and luxury brands in the country. </p><p>Metro Manila was placed under Alert Level 2 on Nov. 5. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/life/11/05/20/ssi-set-to-launch-premium-e-commerce-site-what-to-expect">SSI set to launch premium e-commerce site: What to expect</a></li>	<li><a href="https://news.abs-cbn.com/business/11/12/14/ssi-group-bring-3-new-brands-ph">SSI group to bring 3 new brands to PH</a></li></ul><div><strong>FROM OUR ARCHIVES:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/EFtlaxJ-FZk?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Specialty retailer SSI Group said it reduced its net loss for the first 9 months of the year by 42 percent due to strong sales in the third quarter. 