Home improvement and construction materials supplier Wilcon Depot Inc. plans to open 65 stores by 2020 ahead of the original target of 2021 as it accelerates expansion.
Wilcon chairman emeritus Willam Belo said in an interview following the annual stockholders meeting’ Monday the company had secured the funds and the sites needed to build the remaining 24 stores under a five-year plan.
Wilcon this year is scheduled to open nine stores in areas outside of Metro Manila. This means it can open an average of seven to eight stores yearly from 2019 and 2020 to meet the target of 65 stores.
“We are not letting up on our expansion plan as we continue to believe in the stability and the resiliency of the Philippine economy and remain bullish of the growth potential of our market,” Belo said.
He said the demand for residential and condominium units also remained strong this year which augured well with the company’s business.
Wilcon investor relations officer Mary Jean Alger said the company expected a mid-teens growth in net profit for this year while sales were expected to rise by mid- to high-teens.
Same stores sales growth is expected at five percent.
Wilcon, meanwhile, is set to launch its e-commerce platform that will enable the customer to buy their needs online before the end of 2018.
Wilcon president Lorraine Belo said the online portal would initially carry electric items and Do-It-Yourself products and be available for Metro Manila customers.
“We expect our e-commerce business to enhance the sales of our stores. We will also offer online payment service and pick-up service,” Belo said.
Share price of Wilcon on Monday fell 3.2 percent to P11.56 from last week’s close of P11.96.
Wilcon reported a net income of P409 million in the first quarter of 2018, up 4.7 percent from P390.7 million year-on-year.