Wilcon Depot Inc. on Tuesday said its net income grew 3 percent to P1.2 billion in January to June from last year’s P1.16 billion due to higher foot traffic and sales.
Lorraine Belo-Cincochan, the company’s president and CEO, said its second-quarter results showed solid demand, with total sales up 12 percent and same-store sales rising 8 percent.
‘Every region delivered positive same-store sales growth. The mix shifted toward lower-margin non-exclusive products, which brought down our blended gross profit margin,’ Cincochan said.
‘We are encouraged by the gains in customer count and sales volume. These show we are reaching more customers and give us room to improve the product mix and manage costs in the second half.’ Wilcon opened five new stores in the first half and is targeting to open three more stores for the rest of the year.
‘We have so far spent P1.2 billion in capex [capital expenditures] with the bulk spent on construction of new stores and warehouses,’ Cincohan said. Net sales in the first rose by 11 percent to P18.97 billion from the previous year’s P17.11 billion, as all regions, including project sales, recorded positive comparable sales growth.
On a per format basis, depots accounted for 96 percent of total net sales, as same-store sales drove the increase.
Net income for the second quarter reached P641 million, up 2 percent, from the previous year’s P626 million.
Net sales went up by 12 percent to P9.8 billion from the previous year’s P8.7 billion, the company said.
The company reported last March that net income last year fell by 3 percent to P2.44 billon from the P2.52 billion recorded in 2024, despite higher sales.
Wilcon said net sales for 2025 grew by almost 4 percent to P35.44 billion from the previous year’s P34.62 billion, mainly as a result of those coming from new stores as comparable sales growth closed the year at -0.3 percent.