AllDay Market net profit down due to fire
VILLAR subsidiary AllDay Supermarket said its net profit for the first three quarters of 2022 was down 62% to 100.01 million pesos from 265.45 million pesos in the same period of 2021.
This was mainly due to increased operating expenses and losses caused by fires at the Alabang branch during the same period.
It still managed to generate revenue of 7.11 billion pesos for the first three quarters of 2022, up 3% from 6.93 billion pesos last year. This was due to the easing of pandemic restrictions and increased consumer spending.
Gross profit margins improved by 90 basis points in the nine-month period of 2022, up to 20.4% from 19.5% in the same period of 2021.
AllDay President Manuel Villar Jr. said he was pleased with the company’s performance through 2022, although it is difficult to sustain that success in the current economic environment.
“AllDay’s target market, which is particularly impacted by the ‘revenge retail’ trend, has been observed to shift spending towards pleasure through travel and leisure, especially after such long periods of lockdown. Despite this, we have grown the business and brought a superior supermarket experience to more Filipinos,” Villar said. “Our team, in addition to maintaining AllDay’s unique experience, has worked hard to make operations as efficient as possible, translating into value for our partners and shareholders.”