Wilcon Depot Inc. reported on Tuesday that its net income for the first half of the year increased by 3 percent to P1.2 billion, up from P1.16 billion a year earlier, reflecting signs of stabilized operations.
Lorraine Belo-Cincochan, Wilcon’s president and chief executive officer, said second-quarter results showed steady market demand. Total sales for the quarter rose 12 percent, while same-store sales grew 8 percent. All regions posted positive same-store sales growth during the period.
She noted that the product mix shifted toward lower-margin non-exclusive items, which lowered the company’s overall gross profit margin. Even so, rising customer numbers and sales volume remain encouraging, showing Wilcon is reaching more people and creating opportunities to refine its product lineup and manage costs better in the second half.
First-half net sales climbed 11 percent to P18.97 billion from P17.11 billion the prior year. Every region, including project-related sales, recorded positive comparable growth. Depots—making up 96 percent of total net sales—were key to the rise, with same-store sales rising 6.6 percent.
For the second quarter alone, net income reached P641 million, a 2 percent increase from P626 million. Quarterly net sales grew 12 percent to P9.8 billion from P8.7 billion.
Wilcon opened five new stores in the first half and plans three more for the rest of the year. Capital expenditure so far totals P1.2 billion, with most funds going toward new store and warehouse construction.
