ALLHOME CORP.’s net income declined by 36.5% to P276 million in the first half after it had closed some stores during the lockdown.

The Villar-led home improvement retailer’s sales dropped 4% to P4.85 million, generating sales through its “unique retail ecosystem and balanced product category,” the company said in a disclosure to the stock exchange on Thursday.

While gross margins improved to 31% from 29.5%, operating expenses increased by 32.5%.

“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 B. Villar, Jr. said.

The company has put up pop-up essential stores beside AllDay supermarkets during the stricter lockdown, developed personal shopping services, and launched its e-commerce platforms.

During the second quarter, appliance sales made up 40% of total sales.

“While the company saw a continued reduction in sales from construction for the quarter it was offset by the sustained increase in sales in the hardware category,” the statement said.

The company’s total assets grew to P20 billion by the end of June from P19.7 billion at the end of 2019.

AllHome said it could fast-track construction and put up new stores “as it sees fit” once there is recovery from the effects of the pandemic.

The company plans to open a new branch in Isabela in the third quarter.

In the first quarter, AllHome’s net income grew by 30% to P270.22 million after it launched 22 new stores in 2019.

AllHome debuted at the Philippine Stock Exchange through an initial public offering in October 2019.

Shares in AllHome at the stock exchange lost P0.05 or 0.78% to close at P6.35 each on Thursday. — Jenina P. Ibañez