Belo-led Wilcon Depot, a one-stop shop for home needs, posted blowout earnings in the third quarter as people continued to stock up on both essential materials and equipment for home improvement.
Net earnings surged 77.5 percent to P1.1 billion from July to September on the back higher sales and expansion of gross profit margin partly offset by the increase in operating expenses. Net sales jumped 32.6 percent to P8.78 billion, largely by the recovery of Metro Manila stores and new store openings.
The company opened four new stores during the quarter to bring its total store network to 80. It is set to open one more outlet this year.
“Wilcon once again delivers a banner quarter going from strength to strength coming off a stellar second quarter. The complete turnaround of our stores from the slight slump in the third quarter of last year, propelled comparable sales growth to 23.5% year-on-year,” said Lorraine Belo-Cincochan, president of Wilcon.
“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 added.
For the nine-month period ending September, Wilcon reported a 58.3 percent jump in net income to P2.96 billion on improved business as a result of the easing of Covid-19 restrictions. Net sales grew 23.3 percent to P24.7 billion.