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Philippines home improvement retailer AllHome posted a 6.7 per cent rise in revenues for the first quarter of 2021 as investments in its digital presence and additional stores outside the capital bore fruit.
The company's financial statement shows that it raked in 3.59 bn Philippine pesos (PHP, EUR 66.8 mio) in sales for the period of January to March 2021. Net profit shot up 27.4 per cent to PHP 344.2 mio as the company reined in finance costs and taxes.
"The strong first-quarter performance is a result of our continued innovation amidst this pandemic. Since last year, we have made a concerted effort to expand our digital footprint, in addition to our store network expansion in the provinces," chairman Manuel Villar Jr. said.
He added that the company has prioritised digital expansion this year "given the change in consumer trend with the ongoing community lockdowns". The company currently operates its own e-commerce platform while also having a presence in online marketplace giants Shopee and Lazada. "We believe that on-demand delivery and online shopping will continue to increase and augment in-store sales," Villar said.
AllHome opened two new stores in the first quarter. It now has 54 stores around the country.
The Philippines has not completely lifted Covid-19-related movement restrictions since these were imposed in March last year, although the severity of the constraints on mobility varies by region. Stricter rules are imposed when cases rise and medical facilities are strained, although these are eased when the contagion slows down. As of May 18, 2.3 per cent of the country's 110 million people had had their first dose of Covid-19 vaccination while 0.7 per cent had been fully vaccinated.
The company's financial statement shows that it raked in 3.59 bn Philippine pesos (PHP, EUR 66.8 mio) in sales for the period of January to March 2021. Net profit shot up 27.4 per cent to PHP 344.2 mio as the company reined in finance costs and taxes.
"The strong first-quarter performance is a result of our continued innovation amidst this pandemic. Since last year, we have made a concerted effort to expand our digital footprint, in addition to our store network expansion in the provinces," chairman Manuel Villar Jr. said.
He added that the company has prioritised digital expansion this year "given the change in consumer trend with the ongoing community lockdowns". The company currently operates its own e-commerce platform while also having a presence in online marketplace giants Shopee and Lazada. "We believe that on-demand delivery and online shopping will continue to increase and augment in-store sales," Villar said.
AllHome opened two new stores in the first quarter. It now has 54 stores around the country.
The Philippines has not completely lifted Covid-19-related movement restrictions since these were imposed in March last year, although the severity of the constraints on mobility varies by region. Stricter rules are imposed when cases rise and medical facilities are strained, although these are eased when the contagion slows down. As of May 18, 2.3 per cent of the country's 110 million people had had their first dose of Covid-19 vaccination while 0.7 per cent had been fully vaccinated.
