Wilcon reports 13.1% growth in net income

Wilcon Depot, Inc., a Philippine-based home improvement and construction materials retailer, reported a 13.1% year-on-year increase in net income for the first quarter of 2023. The company attributed this growth to higher net sales, among other factors. According to a disclosure made to the Philippine Stock Exchange, net sales for the quarter reached P8.527 billion, up 11.4% from the same period in the previous year. Two new stores were opened during the quarter.

Wilcon Depot CEO Lorraine Belo-Cincochan expressed optimism about the company's new stores, saying that they are "encouraged by the performance of new stores," and that the company is aiming to exceed its target of opening eight new stores this year. She added that Wilcon Depot is on track to meet its goal of having 100 stores by 2024.

Wilcon Depot said this was due to an increase in the proportion of higher-margin products sold, as well as operational efficiencies and cost management initiatives.

Wilcon Depot is one of the largest home improvement and construction materials retailers in the Philippines, with a wide range of products including construction materials, tiles, sanitary ware, plumbing materials, furniture, home decor, appliances, and electronics. The company currently has 61 stores in the Philippines, with plans to open more stores in the coming years.

Wilcon Depot's strong financial performance in the first quarter of 2023 is in line with the company's long-term growth strategy, which focuses on expanding its store network and product offerings, as well as enhancing its customer service and digital capabilities.

With the Philippine economy expected to recover further in the coming years, Wilcon Depot is well-positioned to benefit from increased consumer spending on home improvement and construction materials.