AllHome sales slip in the third quarter

After an optimistic showing in the second quarter, Philippine home improvement retailing company AllHome saw sales slip in the third quarter. In a disclosure to the Philippine Stock Exchange, AllHome said revenues slipped 3.51 per cent in the third quarter to 2.741 bn Philippine pesos (PHP, EUR 45.32 mio) compared to the same period last year. This is a reversal of the previous quarter’s sales rise of three per cent. Accumulated sales for the period of January to September 2023 went down 3.58 per cent to PHP8.78 bn, with same store sales performance falling 4 per cent. “This was brought about by the weakened demand in the hard categories as customers deferred their purchases for home construction and finishing owing to rising inflation, while soft categories remained steady,” the company said.

In a statement, billionaire Manuel B. Villar, who is the chairman of AllHome, said that the company is optimistic that it will do well in the last quarter, as this is historically a strong period. “We are confident in the performance of our soft categories, as this shows that new homeowners are now entering into the furnishing stage, and we see this further picking up to close out 2023,” he said. “This uptick in AllHome’s soft categories also coincides with a holiday season where travel and movement restrictions from the pandemic are gone, and [overseas Filiipino workers] will be coming home to their families, which only bodes well for AllHome.”

The company had 65 stores as of end September, five more than the 60 it had at the end of last year. It plans to have 100 stores operating by 2026.