ALLHOME Corp. said in a statement that its net income after tax surged to P297 million in the second quarter after the government allowed the resumption of economic activities, resulting in its stores operating on shortened hours.
The figure surged by nearly 54 times from its P5-million after-tax net income recorded in the same period last year.
“The government’s move to resume economic activities during the second quarter this year allowed our AllHome stores to operate although on shortened hours — which was a far cry situation from last year that forced the temporary closure of AllHome’s branches in Luzon,” the company said.
Its net sales also grew by 110% to P3.13 billion from P1.49 billion. Without disclosing specific figures, the company said its gross profit rose by 130%.
AllHome Chairman Manuel B. Villar, Jr. said the pandemic pushed the company to check its strategies and try out new things to help improve operational efficiency.
“Those innovations lead to the improvement in our margins as we recalibrate our merchandise mix and implement strategic pricing to enhance returns,” Mr. Villar said.
AllHome saw its gross profit margin inch up to 34.6% from 31.7% during the period.
For the first half of the year, AllHome generated a net income of P641 million as net sales grew 39% to P6.72 billion from last year’s P4.85 billion.
The company opened five new stores during the six-month period, bringing its total store network to 55. Its large format stores account for 39 of the total AllHome stores.
“These large stores generate the lion’s share of our sales, contributing as much as 97% of total retail sales for [the first semester],” said Benjamarie Therese N. Serrano, president of AllHome.
“As the situation improves, our store network expansion strategy will remain focused on free-standing large format stores,” she added.
The company also said it will introduce a “new generation of AllHome Stores” soon.
AllHome established omnichannel shopping platforms and strengthened its personal shopper service SHOP4U. It also collaborated with digital marketplaces and delivery providers to serve online customers.
The company introduced self-checkout and “click & collect” counters to help consumers shop easily and safely.
“As we continue to traverse the course of this pandemic, we will keep on exploring options to improve further our operations and serve more Filipinos across the country,” AllHome Vice-Chairman Camille A. Villar said.
On Friday, shares of AllHome at the stock exchange rose by 0.81% or six centavos to close at P7.46 apiece. — Keren Concepcion G. Valmonte