Retailers Report Revenue and Sales Growth


LISTED retailers saw revenue growth in the third quarter, while some reduced losses, thanks to better sales performance.

SSI Group, Inc., led by Tantoco, reduced its third quarter net loss by 5% to P 270.97 million from P 285.24 million incurred in the same period last year “thanks to strong sales growth in the quarter, ”SSI said in a statement Monday.

According to a regulatory record, SSI Group’s revenue for the quarter increased 28% to P2.93 billion from P2.29 billion.

“Faced with the challenges presented by COVID during the third quarter, the group continued to implement the strategies we have put in place to drive sales, in environments with low pedestrian traffic, increase cash flow and optimize costs and expenses, ”SSI Group Chairman Anthony T. Huang said in the statement.

“These strategies have enabled strong sales growth and cash flow generation, however, in an environment of low gross margin,” he added.

Year-to-date, the company has also reduced its net loss by 42% to P444.62 million from last year’s P761.54 million. The company posted 28% revenue growth to P 9.37 billion, from P 7.32 billion.

The company said sales of its e-commerce sites jumped 142% in the nine-month period.

However, after the government lowered Metro Manila’s quarantine restrictions on November 6, the company noted “significant sales growth” as customers now visit malls.

“With COVID-19 (2019 coronavirus disease) cases under control, hopefully through Christmas, we expect the sales momentum that started in early October to continue through the end of the year,” Mr. Huang said.

Cebu-based retailer Metro Retail Stores Group, Inc. (MRSGI) also reduced its net loss to 124.47 million pesos in the third quarter, a 63% improvement from the loss of 337.21 million pesos incurred during the same period last year.

The company’s revenue for the third quarter improved 7.7% to P7.56 billion from P7.02 billion.

For the nine-month period, MRSGI reduced its net loss 27% to P306.41 million from P421.87 million last year. However, sales edged down to P21.44 billion from P22.33 billion.

“MRSGI remains optimistic for better results going forward, especially this holiday season. With the country moving towards economic recovery largely due to relaxed restrictions and the ongoing rollout of vaccination, economic activities and consumer sentiment have improved, ”the company said.

“However, the company will continue to exercise fiscal prudence as it invests resources in its omnichannel strategy,” he added.

Lucio L. Co’s retail holding company, Cosco Capital, Inc. reported third-quarter attributable net profit of 1.38 billion pesos, up 2% from 1.35 billion pesos at the same period last year.

Its regulatory filing on Monday showed the company’s revenue for the quarter also increased to 41.43 billion pesos from 41.27 billion pesos.

For the nine months ending September, Cosco Capital’s attributable net income increased 13% to 4.34 billion pesos from 3.83 billion pesos a year ago.

In a separate statement, Cosco Capital said it recorded a 17% growth in its consolidated net profit, reaching 7.27 billion pesos from the 6.23 billion pesos last year despite the decline in consolidated revenue.

The consolidated revenues of its business segments continue to suffer from quarantine restrictions imposed due to the pandemic. Its revenue fell 4% to P122.06 billion from P126.97 billion last year.

Its grocery retail operations, Puregold Price Club, Inc. and S&R Membership Shopping Club, accounted for 63% of the company’s total basic net income. Its net profit increased 13.6% to P5.75 billion, while consolidated revenue fell 4.9% to P115.2 billion.

At the same time, its alcohol distribution business contributed 23%. The segment’s net profit jumped 57.4% to P1.1 billion, while its revenues improved 32.1% to P6.6 billion.

Its commercial real estate segment accounted for 13% of the company’s profits. Its net profit was P581 million, while revenue edged down 1.7% to P1.24 billion.

Office Warehouse, Inc., its specialty retail segment, accounted for 1% of its net income. It recorded 18.5% net income growth to P46 million, while revenue declined 5.8% to P1.18 billion. – Keren Concepcion G. Valmonte

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