AllHome reports 21% drop in 9-month net profit

MANILA, Philippines — Villar-owned AllHome Corp. reported a net income of P312 million in the third quarter, significantly higher than the P5 million posted in the previous quarter.

However, nine-month net profit declined by more than 21 percent to P588 million compared to last year’s level.

The company reported strong boost in sales in the third quarter to P3.471 billion, up 133 percent compared to the second quarter.

AllHome chairman Manuel Villar Jr. said the company remains bullish for the remaining months of the year.

“ The level of sales has greatly improved in the third quarter and in AllHome’s case, our fourth quarter sales historically are our highest, benefiting from the holiday season,” Villar said.

He said the improvement in performance is driven primarily by the opening up of the economy, which resulted in more people visiting and buying in stores across the country.

For the nine-month period, AllHome generated P8.325 billion in sales, an increase of about two percent from the same period last year.

The company maximized its seven categories to generate sales with the soft categories compensating for the dip in hard category sales.

AllHome vice chairman Camille Villar said the company continues to improve the optimization of its online channels to generate more sales and build relationships with customers.

“Now that we see more people in our stores, our safety policies and guidelines are more important than ever, both for employees and customers. AllHome sees to it that basic health protocols are strictly followed,” she said.

Despite the pandemic, the company opened two stores in September and October, raising its store count to 47.

The company will open two more stores, bringing the total company’s store network to 49 by the end of 2020.

“Last August we mentioned that we were not looking at opening new stores for the rest of 2020 as we were evaluating the impact of the pandemic,” said Benjamarie Therese Serrano, president of AllHome. But she said there has been improvements in sales on a weekly basis which gave management the confidence to open four new stores for the year.

“Our ability to quickly adjust our store expansion program is attributable to our collaboration with the Villar Group in terms of captive customer base, store locations and execution capability,” Serrano said

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Article and Photo originally posted by Philippine Star last November 16, 2020 12:00am and written by Iris Gonzales.