Philippine home improvement retailer AllHome Corp. saw revenues fall 10.9 per cent in the first quarter as it noted a slowdown in renovations. The company reported sales of 2.921 bn Philippine pesos (PHP, EUR 48.73 mio), saying a shift in spending away from home improvement towards travel and leisure following the reopening of borders across the globe affected operations. Same store sales fell 12.1 per cent during the period "brought about by the continued weakened sales in the hard categories".
The fall in sales for the quarter continues the company’s dismal performance in 2022, when it posted a 12.3 per cent drop in its topline. “Our Q1 2023 performance still reflects [the] challenges from our FY 2022: weakened sales attributable to a clear shift in consumer spending. Travel, leisure and entertainment continue to take precedence as they were suppressed during the heavy quarantine periods and long periods of pandemic circumstances,” a statement quoted AllHome President and CEO Benjamin Therese Serrano as saying.
The company, which had been bullish with expansion plans – earlier setting a target of operating 100 stores by 2026 – was silent on whether new stores were opened during the quarter. It closed 2022 with 60 outlets.