Wilcon nets P608M in Q3

Listed home improvement and finishing construction supplies retailer Wilcon Depot Inc. on Monday reported a double-digit decline in its net income during the third quarter of the year, as sales dropped during the period.

In a regulatory filing, Wilcon said its third-quarter net income fell by 33.1% to P608 million, as net sales dropped by 3.3% to P8.497 billion, while cost of sales declined by 2.1% to P5.203 billion, while operating expenses stood at P2.403 billion.

This brought the year-to-date net income down 22.3% to P2.118 billion. Net sales fell 1.0% to P25.681 billion, while cost of sales dropped by 60.5% to P15.548 billion. Operating expenses stood at P7.145 billion.

According to Wilcon president and chief executive officer Lorraine Belo-Cincochan, the company now has 98 stores, and expects to open its 100th branch before the year ends.

The company opened three new depots in the third quarter — one in Northern Luzon, one is Southern Luzon, and another in the Visayas region.

“While expansion-related expenses have been the major drag on net income, we still believe that we have to be well-positioned to capture more market share as customer preference even for planned purchases has been trending toward convenience and accessibility especially since the pandemic,” she said.

“As always, we remain customer-focused and constantly improving our service delivery, taking advantage of technology to consistently give excellent value to our customers throughout the country,” she added.

Wilcon operates its business and offers its products through two retail formats — the depot store format and the home essentials format.—AOL, GMA Integrated News