WILCON DEPOT, Inc. saw its net income jump by 32% in 2018, driven by strong same-store sales growth and the opening of new stores.
In a disclosure to the stock exchange on Thursday, the listed home improvement and construction supplies retailer said its net income reached P1.835 billion last year, higher than the P1.385-billion profit in 2017.
For fourth quarter alone, Wilcon grew its earnings by 67% to P446 million.
Wilcon reported its net sales jumped 19% to P21.041-billion year-on-year, fueled by 8% same-store sales growth and new store openings. New store openings accounted for 57% or P1.86 billion of the growth.
The company opened four new depots in the fourth quarter, bringing to 11 the number of new store openings in 2018. Wilcon ended 2018 with 51 stores.
“Wilcon will continue with its store network expansion with a planned eight new depots to be opened in 2019. We are also looking to expand existing stores with potential for higher growth. We are set to open an additional distribution center this 2019 and expanding our main distribution center to accommodate the increased volume of business,” Lorraine Belo-Cincochan, president and chief executive officer of Wilcon, said in the statement.
Shares in Wilcon went up by 0.81% or P0.12 to P15.02 apiece on Thursday. — V.M.P.Galang