RECENTLY listed Wilcon Depot, Inc. netted P1.1 billion for the first nine months of the year on the back of strong sales.
The home improvement and construction materials retailer said net sales in the first nine months reached P13 billion, up 11.1 percent from the prior year’s P11.7 billion.
Net sales for the third quarter reached P4.5 billion, higher by 12.2 percent from the same period last year, the company said in a disclosure to the local bourse on Thursday.
It said sales from the depot format stores contributed the bulk, accounting for 96.9 percent or P12.6 billion of the nine-month sales, while sales generated by the home essentials format stores contributed the remaining 3.1 percent or P410 million of total sales.
Same store sales growth reached 6.3 percent for the quarter and 5.9 percent for the nine-month period, still tracking above target.
“For the last quarter, we are continuing to push for the opening of more stores starting with our Cabanatuan branch, our fourth for the year, which we will open on November 17,” the company said.
“We projected to open eight depots this year but we have been experiencing construction delays due to logistics challenges and uncooperative weather in the areas where we are currently constructing that may push back two or three of our scheduled openings to next year. The delay though is not expected to adversely impact our earnings for this year or contract the planned 29 stores from 2017 to 2021,” it added.
Wilcon said it remains satisfied with the pace of store openings despite the delays, since it would give time for the newly opened stores to ramp up and gain traction and contribute to the recovery of forthcoming operating expenses associated with new store openings.