Home furnishing and construction supply retailer AllHome Corp., said it bounced back to profit in the first quarter of the year, at P212 million, a reversal of the P27.91 million loss last year.
Revenues reached P2.92 billion, down 9.87 percent from P3.24 billion last year.
With the Philippines returning to normal circumstances from the pandemic, a new challenge appears in the form of shifting consumer spending–now primarily focused on revenge retail,” said the Villar family-led company in a statement.
“With the slowing down of renovation and home improvement spending in favor of travel and re-enjoying the outside world, the company is cognizant of the new tasks at hand,” it added.
Benjamarie Therese Serrano, AllHome chief executive officer, said the company’s results reflect the “challenges” rooted to 2022 – weakened sales attributable to a clear shift in consumer spending.
“Travel, leisure and entertainment continue to take precedence as they were suppressed during the heavy quarantine periods and long periods of pandemic circumstances,” Serrano said.
“However, our first quarter shows signs hallmarks of the key strengths of AllHome. Our soft categories–where we have a clear advantage–continue to generate the lion’s share of our revenue,” she added.
Serrano said AllHome will continue to pursue efficiencies in operations through the optimization of each store’s revenue potential, energy and manpower rationalization, optimization of in-store warehouses to save on rented warehouses, among others.
AllDay Marts Inc., another Villar retailing business, posted first quarter profit of P88.57 million, a reversal from last year’s P75.58 million loss.
Revenue grew 6.55 percent to P2.44 billion from P2.29 billion last year. – Ruelle Castro
