Philippines’ AllHome marks third year of losses in 2024

AllHome Corp., a Philippine home improvement retail chain with 72 stores that is owned by the country’s richest man, marked its third year of declining sales revenues in 2024. In a belatedly disclosed financial report for last year’s performance that was incorporated into the company’s annual report, AllHome reported sales revenues of 9.89 bn Philippine pesos (PHP, EUR 158.35 mio), a decrease of 18 per cent from 2023.

"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 continued delay in completion and turnover of residential units resulted to lower sales of appliances, furniture, and furnishings – all under soft categories," the company, owned by top billionaire Manuel B. VIillar, explained. It also stated that it was "affected by competition" from other players in…