Wilcon Depot, Inc., a leading home improvement and finishing construction supplies retailer, said its net income fell 27.4 percent in 2024 to P2.528 billion from a year ago, on lower revenues.
Net sales declined 1.2 percent to P34.17 billion despite the addition of 10 stores.
Sales from depot format amounted to P32.829 billion, down by 1.5 percent, while same-store-sales growth dipped 5.8 percent.
The contribution from new stores was offset by the decline in comparable sales.
It said the smaller format Do-It- Wilcon’s sales totaled P996 million, growing by 34.4 percent due to addition of two new stores during the year.
“We finally achieved our 100th-store target in December last year. At the end of 2024, we had 89 depots and 11 smaller-format, Do It Wilcon [DIW] stores. The year 2024 continued to be a challenging year for home improvement as the market remained soft. While we have seen improvements in customer and transaction counts in the fourth quarter, ticket and basket sizes shrank as customers continue to down trade,” said Lorraine Belo-Cincochan, Wilcon president and chief executive.
Wilcon said it would open eight new stores this year as it prepares for eventual pickup in demand.
“At the same time, we are also implementing continuous improvements in our merchandising, store layout and planograms, training and development, systems and processes, among others, to stay relevant with and be able to serve our current and potential customers better,” Belo-Cincochan said.
Net income totaled P411 million in the fourth quarter, down by 46 percent from a year earlier.