MANILA, Philippines — Listed home and construction store chain Wilcon Depot reported a net income of P1.1 billion in the third quarter, up by 77.5 percent year on year.
This brings its nine month net income to P3 billion, 58.3 percent higher than the year ago.
Third quarter net sales totaled P8.8 billion, up by 32.6 percent or P2.158 billion, driven mainly by the recovery of Metro Manila stores that were the hardest hit by COVID-19 restrictions in 2021.
For the nine-month period, net sales totaled P24.72 billion, up by 23.3 percent of P4.67 billion year on year.
“The increase is mainly attributable to the growth in comparable sales, which reached 15.7 percent, with the balance accounted for by the contribution of new stores. Metro Manila stores led the turnaround since these were the ones most impacted by COVID-19 surges and the corresponding restrictions last year. Six new depots and one Home Essentials were opened so far this year,” the company said in a disclosure yesterday.
Wilcon president and CEO Lorraine Belo-Cincochan said the reopening of the economy propelled the company’s sales growth.
“A lot more private construction has indeed resumed this year, particularly those that were delayed due to mobility restrictions and lack of manpower, inflation notwithstanding. And we were ready to serve our market, we were able to provide our customers with the widest selection of products and our usual excellent customer experience since we have prepared well for this re-opening,” she said.
Belo-Cincochan said the store network would focus on continued growth.
“We also still have one new store to be opened this fourth quarter and we expect to have opened eight stores by the end of this year,” she said.
For the third quarter, the company opened four new stores, bringing to eighty its total number of stores at the close of the quarter.