AllHome Corp., a one-stop shop home store, said Monday net income registered a double-digit growth in the first quarter to P344.2 million from a year ago.
First-quarter revenues climbed 6.7 percent to P3.6 billion from the same period last year on aggressive store rollout despite the pandemic, the company said in a disclosure to the stock exchange.
“The strong first-quarter performance is a result of our continued innovation amid this pandemic. Since last year, we have made a concerted effort to expand our digital footprint, in addition to our store network expansion in the provinces. AllHome’s digital expansion is one of our top business priorities for the year,” AllHome chairman Manuel Villar Jr. said.
“Given the change in consumer trend with the ongoing community lockdowns, we believe that on-demand delivery and online shopping will continue to increase and augment in-store sales,” he said.
The company also saw improvements in its margins.
AllHome opened two stores in the first quarter and another two in April and May. The AllHome store network now stands at 54 locations, with newly opened stores in General Santos City, Cauayan in Isabela, Bacolod Negros Occidental and Bacoor, Cavite.
“The AllHome team, despite the pandemic, has adjusted quickly to the demands of the new normal. To further expand our presence, AllHome is aggressively partnering with the country’s leading digital marketplaces to ensure that we tap all possible markets in the digital space,” AllHome vice chairman Camille Villar said.
AllHome’s omnichannel approach made it a go-to-shopping place. With a wide assortment—from furniture, appliances to construction and hardware—customers can easily and safely find what they need, without having to go to different stores.
The share of AllHome rose 1.3 percent Monday to close at P6.99.