AllHome Corp., bilyonaryo Manny Villar’s one-stop shop for home appliances and furnishings, said net income likely reached at least P1 billion last year on strong consumer spending.
in the nine months to September 2019, AllHome grew its earnings by almost three-fold to P746.2 million as revenues surged by 72 percent to P8.2 billion.
“We are confident of ending 2019 with at least P1 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 said.
The company is looking at further expanding its footprint and increasing
its selling space to more than 450,000 square meters by the end of the year from
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,” Serrano said.