Manny Villar —FILE PHOTO
Shifting consumer behavior nagged on the earnings of the home retail company of billionaire Manny Villar, with AllHome’s net income declining by 14.67 percent last year, while supermarket unit AllDay continued to benefit from the change.
In a statement on Monday, AllHome said its earnings ended at P797 million, down from P934 million.
Revenues also slightly went down to P12.06 billion from P12.6 billion.
Despite the declines, AllHome remained optimistic that it would be able to bounce back this year.
“Though current consumer spending has been diverted from home retail to less essential expenses like fashion, health and beauty, entertainment and travel, AllHome remains committed in delivering value to our stakeholders,” AllHome president and CEO Benjamarie Therese Serrano said.
“We also continue to seek out operational efficiencies, especially as we face unusually high inflation and increased [utility] costs,” she added.
The company noted its gross profit margins improved to 38 percent last year from 36.8 percent.
Meanwhile, AllDay booked a 22.4-percent rise in profit to P369 million as more consumers returned to supermarkets postpandemic.
The mid-premium supermarket also saw a modest 4.4-percent growth in revenues to P10.2 billion.
“With a market still clearly hungry for experiences in the country’s full return to normalcy, our supermarket concept is still well-received,” said AllDay chair Villar.
The company opened four new minimarts last year, mainly in Cavite and Antipolo. —Meg J. Adonis INQ