Home improvement and construction products retailer Wilcon Depot of bilyonaryo William Belo, is ramping up its expansion efforts this year in pursuit of its goal to have 100 stores by 2024.
Wilcon Depot CEO Lorraine Belo-Cincochan expressed confidence in the company’s growth prospects and revealed plans to exceed their target of eight new store openings this year, with up to 11 new stores in the works.
The expansion efforts will also entail rationalizing underperforming Home Essentials branches.
Wilcon has already opened two depot branches in Luzon and a Home Essentials branch in Mindanao in the first quarter.
The company reported a 13.1 percent growth in its first quarter earnings to P962 million, driven by higher net sales and gross profit margin expansion.
Depots accounted for 97.4% of total net sales amounting to P8.307 billion, while Home Essentials contributed 2%, and project sales made up the remaining 0.6%.