All Home Corp. said over the weekend net income grew 2 percent in the third quarter to P312 million from a year ago on the back of higher sales.
AllHome said in a disclosure to the stock exchange third-quarter gross revenues climbed 13 percent to P3.5 billion from P3.1 billion in the same period last year.
The third-quarter results also increased from the second quarter—the period when the coronavirus pandemic inflicted havoc on the domestic economy.
The company said that on a quarter-on-quarter basis, third quarter profit jumped 98 percent while revenues soared 133 percent.
“We remain bullish with the home improvement industry for the remaining months of the year. The level of sales has greatly improved in the third quarter and in AllHome’s case, our fourth-quarter sales historically are our highest, benefiting from the holiday season,” said AllHome chairman Manuel Villar Jr.
“The improvement in our performance is driven primarily by the opening up of the economy which resulted in more people visiting and buying at our stores across the country,” he said.
Nine-month net profit was still down by 21 percent to P588 million from the same period last year, but revenues rose 2 percent to P8.32 billion.
AllHome vice chairman Camille Villar said seven categories and diversified brand portfolio cushioned the impact of the pandemic to sales.
The company said appliances contributed 31 percent of sales while the entire soft category including beddings and furnishings contributed 61 percent in the nine-month period.
The continuous expansion of in-house brands contributed to the company’s improved sales and increase in profit margin by 7.1 percent.
“AllHome continues to improve its optimization of online channels to generate more sales and build relationships with our customers. Now that we see more people in our stores, our safety policies and guidelines are more important than ever, both for employees and customers,” said Camille Villar.
AllHome said it continued with network expansion with the opening of two stores in September and October to boost store count to 47.