Wilcon Depot Inc. reported a 27 percent drop in net income for the first quarter of 2025 to ₱536 million, down from ₱740 million in the same period last year, as weaker store sales weighed on performance despite modest expansion.
The country’s leading home improvement and construction supplies retailer posted nearly flat net sales of ₱8.4 billion, a 1 percent increase year-on-year, driven primarily by revenue from newly opened outlets. Same-store sales fell 3.1 percent, reflecting soft consumer demand during the year’s first two months.
Two new locations—one full-format depot in North Luzon and a smaller Do-It-Wilcon store in Metro Manila—brought Wilcon’s nationwide branch count to 102.
Company president Lorraine Belo-Cincochan expressed cautious optimism for a turnaround in the second half of the year, citing improved average daily sales around the Easter holiday period in April. “We expect to reverse the decline in net earnings later in the year, should this trend continue and improve,” Belo-Cincochan said.
Sales from the flagship depot stores, which accounted for 96 percent of revenue at ₱8.11 billion, rose 2 percent on new store contributions. Meanwhile, smaller-format store sales grew 11 percent, buoyed by a 7.4 percent increase in same-store sales. In contrast, project sales plunged 67 percent and comprised just 0.4 percent of revenues, prompting the company to consider integrating this segment into its depot operations.
Despite the earnings decline, the company highlighted the positive performance of newer outlets—those operating for under a year—suggesting early signs of a potential growth trend.
