ALLHOME Corp. said it is on track to hit its target of having 70 stores by next year as it opened three new stores in October.
The Villar-led retail company said in a statement yesterday it is well on its way to reach its goal of securing a 7.1% market share in the home improvement industry by next year as it continues store expansion across the country.
“We remain confident with our expansion program for the rest of the year. We are taking advantage of the underpenetrated home improvement industry in the Philippines by bringing AllHome to more locations,” AllHome Chairman Manuel B. Villar, Jr. said in the statement.
When it listed on the stock exchange last month, AllHome said it wants to double its market share in the home improvement industry heading into 2020. It is expanding its footprint in Metro Manila, Cavite, Laguna, Bulacan, Pampanga, Rizal and Batangas.
AllHome President Benjamarie Therese N. Serrano said in Thursday’s statement the company is also looking to tap new markets.
“We are not just expanding our store network but we are also increasing our customer base as we introduce a precursor to AllHome in areas where house construction is just starting, to provide more dedicated offerings and services to builders and contractors during the construction phase,” Mr. Serrano was quoted as saying.
AllHome posted a net income of P434.3 million in the first half of the year, rising 293.3% from a year ago, driven by a 66.9% increase in total revenues to P5.1 billion.
Shares in AllHome dipped 0.04 points or 0.35% to close at P11.38 apiece on Thursday. — Denise A. Valdez