MANILA— Wilcon Depot on Wednesday said its net income for the first 9 months of the year jumped 111.1 percent to P1.870 billion compared to the same period last year.
Net sales for the January to September period reached P20.048 billion, up 27 percent, the company said in a disclosure to the stock exchange.
"The increase was driven by higher net sales and gross profit margin partly offset by increased operating expenses," the home and construction supply firm said.
Wilcon Depot said the "generally uninterrupted" operations of stores in Luzon resulted in a higher number of transactions since stores weren't required to close during lockdowns, unlike last year.
Net income for the third quarter grew 16.7 percent to P622 million, it said.
Its expansion plans have also continued with the opening of 6 depots during the 9-month period, it said.
“Hopefully, with the easing of restrictions as COVID-19 cases decline, our customers will be able to finish or start their home improvement projects in time for the Christmas holidays. We’re looking forward to a better fourth quarter," Wilcon president and CEO Lorraine Belo-Cincochan said.
The COVID-19 lockdowns prompted Filipinos stuck at home to organize and improve their homes as evidenced by the uptick in sales of home furnishing, furniture and as well other items such as wallpapers, according to data on e-commerce sites.
Wilcon Depot is also "not that worried" with the entry of Swedish furniture store IKEA, set to open this quarter, because they have varying product lines, Cincochan earlier said.