Wilcon Depot, Inc posted single-digit growth in net income for the first quarter of 2018, following higher sales from its depot format stores.
In a statement issued Tuesday, Wilcon booked P409 million at the bottomline for the quarter, 4.7% higher year-on-year. Net sales of the company improved by 12.5% to P4.71 billion, which the company noted was achieved despite a higher base in 2017 and less number of operating days during the January to March period.
“Wilcon is on track to achieve its 2018 net sales target of mid to high teens and has already breached its product mix target of 46% net sales contribution from its higher margin products. We expect to sustain this momentum until the end of the year as we push for the timely opening of new stores and continued marketing efforts to boost comparable sales growth,” Wilcon Chief Finance Officer Mark Andrew Belo said in a statement. — Arra B. Francia