AllHome Corporation, the pioneering one-stop shop home store in the Philippines, reported double-digit growth in its first half and second quarter results, showing its resiliency during the raging pandemic.
Net income for the first half of the year jumped 133 percent to P641 million on the back of a 39 percent hike in net sales to P6.72 billion from P4.85 billion in the same period last year.
AllHome note that, net income in the first half of 2021 is 48 percent higher than earnings in the first half of pre-pandemic 2019 while net sales if 33 percent better than in the same period of 2019.
In the second quarter of 2021, AllHome’s net sales more than doubled to P3.13 billion from the P1.49 billion generated in the same period last year whike net income surged about 54 times to P297 million from only P5 million in the same period last year.
AllHome said the government’s move to resume economic activities during the second quarter this year allowed our its stores to operate although on shortened hours—which was a far cry situation from last year when the pandemic led to the temporary closure of AllHome’s branches in Luzon.
Aside from the topline improvement, AllHome also increased its gross profit by 130 percent. Gross Profit margin improved to 34.6 percent from 31.7 percent through combination of strategic pricing, conversion of select concess merchandise to outright, and improving sales contribution of in-house brands.
AllHome Chairman Manuel B. Villar, Jr. attributed the Company’s double-digit growth to the firm’s ability to adapt to the current COVID-19 pandemic and address the shopping behavior of its valued clients.
“This pandemic gave us the opportunity to look at our strategies and implement innovations and initiatives to increase operational efficiency. Those innovations lead to the improvement in our margins as we recalibrate our merchandise mix and implement strategic pricing to enhance returns,” he said.
Villar added that, “In addition to our intensive digital expansion program, we are adjusting to optimize our stores in view of changes in the shopping behavior of our customers during this pandemic. We will be introducing the new generation of AllHome Stores soon.”