EARNINGS of Wilcon Depot, Inc. rose by 24% in the first nine months of 2018, lifted by its store expansion complemented by strong same-store sales.
In a statement issued Thursday, the listed firm booked a net income of P1.39 billion from January to September, following a 17.9% uptick in net sales to P15.36 billion.
Net income reached P475 million during the third quarter alone, after a 17.8% increase at the top line to P5.36 billion.
The company opened seven new Wilcon branches and two home essential stores in the first nine months of the year, contributing P521 million in net sales for the quarter. Meanwhile, same-store sales growth stood at 8.6% from July to September.
It plans to open four more depots in the fourth quarter, for a total of 51 stores this year.
“Because of the continued healthy sales growth in the third quarter and anticipating the continued contribution of newly opened stores in the fourth quarter, Wilcon is looking to exceed its mid-teens 2018 net income growth target despite the expected continuing inflationary cost pressures,” Wilcon Chief Finance Officer Mark Andrew Y. Belo said in a statement. — Arra B. Francia