The Villar-led home retailer AllHome Corp. delivered a profitable first quarter with a net income of P212 million from last year’s net loss of P27.91 million.
Revenue totaled P2.92 billion, some 9 percent lower than last year’s P3.23 billion.
The company noted the new challenge presented by shifting consumer spending now focused on revenge retail and the slowing down of renovation and home improvement spending in favor of travel and re-enjoying the outside world.
“Our first quarter performance still reflects that challenge from 2022: weakened sales attributable to a clear shift in consumer spending. Travel, leisure and entertainment continue to take precedence as they were suppressed during the heavy quarantine periods and long periods of pandemic circumstances,” AllHome president and CEO Benjamin Therese Serrano.
“However, our first quarter shows signs of the key strengths of AllHome. Our soft categories, where we have a clear advantage, continue to generate the lion’s share of our revenue,” Serrano said.
Serrano said the business will continue to pursue efficiencies in operations through the optimization of each store’s revenue potential, energy and manpower rationalization, optimization of in-store warehouses to save on rented warehouses, among others.
