AllHome net profit drops 65% in H1 

Its net profit declined to P222.1m, as of 30 June 2022.

Philippine-based furniture store AllHome reported its net profit declined by 65% year-on-year to P222.1m in the first six months of the year, down from P641m in 2020. 

Over the same period, the company recorded a sale of P6.26b, down 6.8%YoY from P6.72b in 2021. 

“This was mainly brought about by the decline in foot traffic due to Covid-19 Omicron infection surge in the first half of the period and despite the improvement in foot traffic in the second half of the period, sales declined due to lost sales from three Alabang stores and weakened sales in the hard categories,” AllHome’s quarterly report read in part. 

In the first half, AllHome managed to grow its store network by 12.7% to 62 stores from only 55 in the previous years.

The company, however, saw a 16% growth in support, fees, rentals, and other revenues to P125.3m due to the decrease in vendor’s support with lesser large stores opened. 

Read more: Philippine-firm AllHome expands PetBuddy store in four new locations

Meanwhile, its expenses grew 7% to P1.47b. It also incurred losses worth P83.8m in inventory, and P219.3m in property and equipment were severely damaged in a fire at one of its outlets. 

Despite this, the company remained determined to achieve its 100-store target by 2026. 

“Despite prevailing circumstances, our confidence in our capability to implement AllHome’s expansion strategy remains undeterred,” AllHome President and CEO Benjamin Therese Serrano said.

“To date, AllHome has already added five new locations in the first half of 2022 alone, with the highlight being our newest large format store in Davao.”