Wilcon Depot earnings up 20% in first half

Earnings of Wilcon Depot, Inc. went up by a fifth in the first six months of 2018, fueled by higher sales from existing stores alongside its expansion to new markets.
The listed firm said in a statement on Friday that net income jumped to P914 million in the first half, versus P763 million in the same period a year ago. Net sales logged an 18% increase to P10 billion.
The company attributed the increase to strong comparable sales, the development of new stores, and improving margins following its product mix strategy.
“Wilcon is looking at maintaining its 2018 net sales target growth rate of mid to high teens. While we have achieved our target for the first half, we have to continue to work hard in the second half to sustain our momentum,” Wilcon Chief Financial Officer Mark Andrew Belo was quoted as saying in a statement. — Arra B. Francia