MANILA – AllHome Corp., the pioneering one-stop-shop home store in the Philippines, reported Friday a slight decline in net income reaching about PHP1 billion last year from PHP1.05 billion in 2019 amid the challenges of the pandemic.
Its profit in the fourth quarter surged by 28 percent to PHP399.6 million from PHP312.5 million in the third quarter, while full-year sales reached PHP12.4 billion which was an increase of 3 percent from 2019.
The company said the improvement in sales and net income was brought about by the opening up of the Philippine economy and easing of quarantine restrictions in the third quarter and fourth quarter that compensated for the loss of revenues in the second quarter.
“We are cautiously optimistic with the home improvement industry for 2021. Bolstered by the reopening of the economy and the sustained improvement of our sales since the third quarter of 2020, we resumed with our expansion program. We also continued with our innovations to take advantage of the recent trends and introduced a new concept for our Appliances category, the AllDigital,” AllHome chairman Manuel B. Villar Jr. said in a statement.
AllDigital is a small specialty store that sells digital products essential in navigating the new normal of work-from-home, distance learning, and increased online gaming.
AllHome also launched its e-commerce platform allhome.com.ph, Viber communities, and personal shopper service, as well as established various cashless payment options with the health and safety of its employees and customers as the primary consideration.
“Our digital presence complements our brick and mortar stores as we use them for our fulfillment,” AllHome vice chairman Camille Villar said.
AllHome ended 2020 with 50 stores, opening five new stores one after another from September to December. It opened its 51st and 52nd stores in January and February 2021, respectively.
“We have changed our conservative stance in terms of our store expansion program last year after we have seen a much-improved sales numbers in the third quarter which was sustained for the rest of 2020 thus opening a number of stores in the fourth quarter of 2020 which spilled over to the first quarter of 2021,” AllHome president Benjamarie Therese Serrano said. (PNA)