MANILA - Wilcon Depot on Friday announced that it posted a net income of P2.726 billion from January to September this year, which was 7.9 percent lower compared to last year.

The home improvement and construction supply company however also said net sales were up 4.9 percent to P25.9 billion during the period, while gross profit hit P10.2 billion which was 6.6 percent higher than in 2022.

Wilcon CEO and President Lorraine Belo-Cincochan partly attributed the decline in income to the high base from last year and expansion-related expenses.

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Cincochan however also noted that retail demand for home improvement and finishing construction products remained “soft.”

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Despite this, the company is pushing ahead with its expansion.

“We are still pursuing our store network expansion plan at our current pace,” said Cincochan.

She said the company has added 7 new stores, with 6 opened in the last three quarters.

“We are expecting to finish the year with 10 new stores, barring any major delays in construction, and as such we are expecting new stores’ operating expense drag on net income to persist until the fourth quarter,” the Wilcon executive said.

The company will hit its 100-store target by 2024, a year ahead of its original plan.

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