VILLAR’S ALLHOME, ALLDAY HIT HIGHER EARNINGS ON BRISK CONSUMER SPENDING

The listed retail group of billionaire Manuel Villar Jr. booked higher earnings during the first semester of 2023.

Home retailing arm AllHome saw net income from January to June double to P442 million versus the same period last year as it recovered from fire-related losses in 2022, a statement on Wednesday showed.

Villar, the chair of AllHome, said gains came on the back of a strong second quarter, which the company said would continue through the second half of 2023.

“As we head into the historically strong quarters of AllHome and a positive 2024 outlook that sees a rise in condominium turnovers—which means entry into the furnishing stage—we view the balance year of 2023 with much confidence and optimism,” Villar said in the statement.

“We are looking at every angle to maximize revenue po tential for the chain, and I am pleased that our initiatives to strengthen AllHome’s leadership, operations and efficiencies are bearing fruit,” he added.

Villar’s supermarket operator AllDay Marts also saw profits bounce higher to P172 million during the first six months of the year from P12 million last year. Total revenues grew 6.6 percent to P4.9 billion.

“Our sustained momentum from our first quarter performance in 2023 is proof of our capability to sustain exceptional results,” said AllDay Supermarket president and CEO Frances Rosalie Coloma in a separate statement.

Villar also welcomed the “steady business results” of AllDay during the first six months of 2023.

“With the return of customers to in-person retail or revenge retail giving rise to many opportunities, our supermarket concept continues to capitalize on a market that is getting a lot more comfortable with spending time shopping in-store again,” he said.