THE operations of SSI Group Inc. during the first quarter of 2020 were impacted by the Covid-19 health crisis and the enhanced community quarantine (ECQ) declaration that caused the temporary closure of the group’s brick and mortar stores beginning March 16.
While brick and mortar operations resumed on June 1, first quarter sales and net income declined as a result of the closure of stores throughout the second half of March.
Prior to the Covid-19 health crisis, January and February sales registered healthy growth of 12 percent year-on-year.
In mid-March, in compliance with the government’s ECQ directives, and in order to safeguard the health and safety of the company’s employees and customers, the group closed its brick and mortar stores and head offices and stopped fulfillment of e-commerce orders.
The group’s first quarter sales decreased by 13 percent year-on-year to P4.3 billion. Its first quarter net income stood at P110 million, down by 36 percent.
SSI expanded ts e-commerce business with the opening of marksandspencer.com.ph in May. (PR)