AllHome Corp., a one-stop shop home store chain owned by the Villar Group, saw its first-quarter net income increase by 30 percent to P270.2 million from P207.1 million year-on-year on strong revenues.
All Home said in a statement Thursday first-quarter revenues remained robust, rising 41 percent to P3.4 billion from P2.4 billion in the same period in 2019
“AllHome’s growth in the first quarter of 2020 was mainly driven by the additional contribution from the new store openings from the last quarter of 2019,” said AllHome chairman Manuel Villar Jr.
“We are very pleased with our performance, which remained strong despite the occurrence of unforeseeable circumstances such as the eruption of Taal volcano and the Enhanced Community Quarantine (ECQ) due to the COVID 19 Pandemic,” he added.
AllHome expanded its store network from 23 in 2018 to 45 by the end of 2019. It is evaluating the expansion program this year.
But All Home said it had the capability to speed up the construction and subsequently open new stores once quarantine rules eased and overall conditions improved.
“The start of the year has been quite challenging. However, AllHome plans to capitalize on the ‘new normal mindset’ which is to stay at home. More households are taking the opportunity to recreate their personal spaces by prioritizing comfort, refurbishing and renovating their homes since they spent most of their time during the ECQ inside the house,” said AllHome vice chairman Camille Villar.
“We also added measures to enhance the safety of our transactions such as touch-free payments and various delivery options, including curbside pickups, the use of personal shopping services and beefing up our e-commerce platforms,” she added.
The group has implemented several measures to ensure the safety of company personnel, including the early closure of stores to allow for more stringent sanitation and the replenishment of essential products, the practice of social distancing, as well as limiting the number of customers inside the stores.
The company’s total assets as of March 31, 2020 stood at P19.9 billion from P19.7 billion on December 31, 2019.