MANILA, June 15 (PNA) –- The country’s largest specialty store retailer SSI Group Inc. has earmarked over Php3.7 billion for its capital expenditures in the next two years to fund aggressive nationwide expansion, positive about the country’s favorable macroeconomic environment especially with the coming election.
SSI Group president Anthony Huang said the company aims to grow its net income and topline revenues by 19 to 22 percent this year with the addition of 21,000 square meters of retail space this year and another 16,000 to 17,000 retail space next year.
As of first quarter 2015, the Group’s retail footprint already reached 138,000 square meters.
“The consumer base continuous to grow… Fast fashion continuous to thrive despite competition, the market as a whole is expanding,” he told reporters after the company’s stockholders’ meeting on Monday.
Marti Atienza, Vice President Investor Relations of the SSI Group, said the Group aims to put up over 240 new stores this and next year.
“The expansion is broad-based across all the categories but one category that will continue to expand a lot is fast fashion,” Atienza said, adding that footwear accessories and luggage and other category primarily personal care and home décor will also continue to drive growth.
Atienza said they are banking on the country’s favorable macroeconomic condition amid continued inflows from overseas remittances and the business process outsourcing (BPO) industry.
“Normally, I think for all consumer companies, the year before the election is normally a good year… We believe that this year will continue to be a very good year for the Filipino consumers. We continue to see the number of our customers expanding, their spending power increasing and also their tastes are evolving,” she added.
In 2014, the listed Tantoco-led company posted a 63-percent surge in profit due to its store expansion program, the depth of its brand portfolio and sustained gross profit margins. (PNA)