Revenge spending underpins Philippine’s SM Investments first-half
What: SM Investments cite that post-pandemic shopping by Philippine customers is the driving force behind the impressive first-half results.
Why it is important: Revenues have risen in department stores by 27% overall with retail sales increasing by 18%.
In the first half of 2023, consolidated revenue jumped 18% to PHP 286.3 billion and consolidated net income increased by 32% to PHP 36.5 billion. The retail segment made up 17% of total net earnings.
Revenge spending underpins Philippine’s SM Investments first-half
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