The country’s leading home improvement retailer, Wilcon Depot Inc. saw a 49 percent jump in its first half earnings to P1.86 billion as more consumers opened their wallets for home renovations.
Net sales rose 18.7 percent to P15.9 billion, mainly due to higher same store sales and new store openings.
Three new depots were opened during the period, bringing its total store network to 76 by the end of June.
For the second quarter, Wilcon’s net income soared 56.4 percent to P1.01 billion, driven by higher volume of business and the expansion of gross profit margin. Net sales grew 22.8 percent to P1.54 billion as the company continued its network expansion.
“We built on our strong first quarter start and delivered our best quarter net sales and earnings so far, this second quarter. We maintained our strategic focus and remained committed to deliver the widest array of home improvement and finishing construction products and consistent excellent customer service despite the continued operating and supply chain challenges,” said Lorraine Belo-Cincochan, president and CEO of Wilcon.
Belo-Cincochan said the company is on track to meet its target of opening eight new depots for the year. This July, Wilcon opened a new depot in Ilocos Sur and one Home Essentials in Tagaytay. Four more depots are expected to open for the rest of the year.
“With the improving performance of stores in areas that were more frequently disrupted by mobility restrictions last year, we expect our net sales to grow by at least high teens and our comparable sales by high-single digit to low teens for the full year 2022,” she said.