MANILA -The home furnishing retailing business and supermarket chain owned by the country’s richest businessman, Manuel Villar Jr., saw a turnaround in the first quarter amid lower costs and improved consumer spending supporting the sales.
In a disclosure on Tuesday, AllHome Corp. reported that it had recorded P212.28-million profit in the first three months, a turnaround from P27.91 million in losses during the same period last year.
This was despite sales sliding by 10 percent to P2.92 billion from P3.24 billion a year ago. Lower selling, general and administrative expenses and tax expenses tempered the slowdown in topline figures.
AllHome president and CEO Benjamin Therese Serrano recognized that consumer spending has been shifting from home furnishing to travel with the easing of mobility restrictions.
“Travel, leisure and entertainment continue to take precedence as they were suppressed during the heavy quarantine periods and long periods of pandemic circumstances,” Serrano explained.
AllDay Supermarket, meanwhile, booked a net income of P88.57 million in the first quarter, a reversal of net loss amounting to P75.57 million a year ago.
Revenues of the grocery chain improved by 7 percent percent to P2.44 billion in the first three months from P2.29 billion last year.
“AllDay’s performance in the first quarter continues to validate our strategy and concept of a truly world-class and elevated supermarket experience that we have brought to more Filipinos throughout the country,” said Villar who is AllDay’s chair.
Both the Villar-owned companies are implementing strategies to improve operational efficiencies, including optimizing energy, manpower and warehouse.
“Now that the country has returned to normal, we look to our now 36 locations across the country and the many operational opportunities we can harness to deliver efficiency, and ultimately value, to our stakeholders,” AllDay president and CEO Frances Rosalie Coloma said.
The total assets of AllHome and AllDay, as of end of first quarter, stood at P26.38 billion and P9.18 billion, respectively. INQ