Largest Philippine luxury brand seller tempers outlook

Manila

THE largest Philippine seller of luxury brands such as Jimmy Choo shoes and Prada handbags says investors and analysts should temper earnings expectations, with competition among retailers squeezing margins - even as consumer spending shows no signs of letting up.

Intensifying competition for consumers will cap sales growth, SSI Group Inc president Anthony Huang said. Profit estimates by analysts are "too rosy" while revenue forecasts are "a little bit optimistic", he said.

Mid-range and luxury brands are rushing into the Philippines, cashing in on some of South-east Asia's most bullish consumers. Cushman & Wakefield Inc estimates that more than 1…