AllHome nets P276M in H1, down 36.5%

Villar-led home improvements retailer AllHome Corp. posted a lower net income in the first semester of 2020.

In a disclosure to the Philippine Stock Exchange, AllHome said its January to June bottomline dropped 36.5% year-on-year to P276 million.

The company posted P4.85 billion in sales, down 4% from the same period last year amid the closure of stores during the enhanced community quarantine (ECQ) from mid-March up to mid-May.

Operating expenses, meanwhile, increased by 32.5% due to the effect of the COVID-19 pandemic. 

“We are pleased with our performance as it remained resilient especially on the level of sales we have generated despite the disruption of our store operations from the effects of the COVID-19 pandemic,” AllHome chairman Manuel Villar Jr. said.

“Given the challenges of the ECQ, AllHome has adapted to the ‘new normal mindset’ and has capitalized on the AllValue retail ecosystem by putting up pop-up essential stores beside the AllDay supermarkets during the height of ECQ,” he added.

The company also embarked on personal shopping services, established its e-commerce platform AllHomeclick.com, instituted stringent sanitation and social distancing protocols in its stores by setting limits on foot traffic inside a store at any one time, and adopted various online and touch-free payments and delivery options.

AllHome’s total assets as of June 30, 2020 was at P20.0 billion, increasing from P19.7 billion as of December 31, 2019.

The company doubled its store network from 23 in 2018 to 45 stores to date.

AllHome made a debut in the Philippine Stock Exchange via Initial Public Offering (IPO) on October 10, 2019. —Ted Cordero/KBK, GMA News