MANILA -- AllHome Corp., a pioneering one-stop shop home store in the Philippines, said Tuesday it was on track to hit its store expansion program as it aims to increase its selling space to more than 450,000 square meters by the end of the year.
“We are set to bring AllHome to more locations in 2020,” its chairman, Manuel Villar Jr., said in a statement. “Our expansion program is both sustainable and strategic by taking advantage of the synergies between our real estate companies, such as Vista Land, as well as the opportunities in the home improvement industry in the Philippines.”
In 2019, its selling space reached a total of 313,000 square meters.
Allhome president Benjamarie Therese Serrano said the company has already secured the needed inventories for its planned store expansion, as well as existing stores that can last between six and eight months.
“In case of a prolonged effect of the recent coronavirus disease (Covid-19) to China, which serves as one of the major inventory sources of the home improvement players in the country, we can easily shift to our other existing sources, like Vietnam, Indonesia, Malaysia, Thailand, India, and even the United States. Our fresh funds indeed came in at the right time when it comes to our inventory management,” she said.
The company registered a 225-percent growth in net income for the first nine months of 2019 to PHP746.2 million from PHP229.7 million in the same period last year.
Total revenues increased by 72 percent to PHP8.2 billion from PHP4.8 billion.
“We are confident of ending 2019 with at least PHP1 billion in net income given that historically, our fourth-quarter performance is typically our strongest when it comes to sales as our stores would benefit from the holiday season as they are strategically located and are part of our innovative ecosystem of world-class retail concepts surrounding it,” Allhome vice chairman Camille Villar added. (PR)
