Wilcon Depot Inc. said Monday it could, barring major disruptions, exceed its target this year as the home improvement supply chain anticipates a steady recovery of the economy.
Lorraine Belo-Cincochan, Wilcon president, told company shareholders at their annual meeting that growth this year may be muted because of the strong rebound last year, when the government further eased mobility restrictions improve at the height of the COVID-19 pandemic. She said the opening of the travel and leisure activities will also weigh on home improvement spending.
Wilcon posted net income of P3.848 billion in 2022, up 50.2 percent from the previous year as net sales increased 22 percent to P33.57 billion, driven largely by stores located within Metro Manila.
Belo-Cincochan said Wilcon is looking beyond short-term fluctuations and continues to focus on expanding its store network and enhancing its product offerings, adapting its store formats, and merchandising to different markets.
She said majority of the stores to be opened in the next few years will still be depot-format. But that will change soon after, especially after shareholders approved the inclusion of “Do It Wilcon” and “Bargain Center by Wilcon Depot” in the company’s trade names.
Wilcon founder and chairman emeritus, William Belo, told shareholders that more than four decades of business experience has helped the company navigate through the challenges posed by the pandemic.
“Indeed, our 45-year experience in this business taught us the importance of adaptability. We stayed ahead of the curve even if the pandemic was arguably the worst crisis we ever faced as a business. Our long and varied experience, which we did not put to waste, was the foundation of our success. Through all the disruptions, political upheavals, economic downturns and changes In consumer trends and behavior we have consistently delivered quality products and excellent customer experience to our customers,” said Belo.
