AllHome Corp., a Philippine home improvement retailer, reported a 12.3 per cent drop in sales for 2022 as it failed to shake off a slew of challenges that hurt its top line. The company ended the year with sales of 12.56 bn Philippine pesos as same store sales contracting 13 per cent.
”This was brought about by the weakened sales in the hard categories since the second quarter this year, Omicron surge in the first quarter, lower foot traffic due to heavy rains and strong typhoons in August and September,” Allhome disclosed. It added that with the economy reopening, the revenge spending that the company was banking on to buoy the retail sector shifted to travel, leisure, and entertainment.
“AllHome’s FY 2022 performance is one that still bears the hallmarks of the many changes of the post-pandemic scenario,” Allhome chairman and the Philippines’ wealthiest person Manuel B. Villar said. “Despite the business challenges, AllHome will continue to push efficiencies where we can.”
The company ended 2022 with a net store network of 60 outlets from 57 previously, after three branches were lost to a fire early last year. It plans to have 100 stores by 2026.