VILLAR-LED home retail chain AllHome Corp. recorded a 38% decline in its net income for the second quarter, falling to P142.08 million from P229.85 million in 2023 due to lower sales.
Second-quarter sales fell by 8.3% to P2.86 billion from P3.12 billion a year ago, AllHome said in a stock exchange disclosure on Thursday.
For the first half, AllHome saw a 36% decline in net income to P282.43 million from P422.13 million in 2023.
The company said there was softer demand for hard categories such as hardware, tiles, sanitary wares, and construction materials.
On the other hand, the company saw stable performance across its soft categories such as furniture, appliances, homewares, and linens.
“Notable in AllHome’s performance is the stable contribution from its core categories — furniture and appliances, allowing us to deliver sustained value for our stakeholders,” AllHome President and Chief Executive Officer Benjamarie Therese N. Serrano said.
“We will continue to lean into the implementation of efficiency initiatives in service of our bottom line. We fully intend to run a tight ship in AllHome in service of delivering better value for our stakeholders,” she added.
Revenue during the first six months dropped by 6.9% to P5.62 billion compared with P6.04 billion the previous year.
Meanwhile, AllHome Chief Operating Officer Frances Rosalie T. Coloma said the company saw an 11% sales uptick for cooling appliances.
“These continue to offset a slower-than-expected completion of most construction activities of the AllHome market base, a factor in the lower turnover of units for the half, affecting AllHome’s offering of finishing materials, tiles, and sanitary wares,” Ms. Coloma said.
On Thursday, AllHome shares were unchanged at 68 centavos per share. — Revin Mikhael D. Ochave
