Wilcon Depot Inc., the country’s leading home improvement and finishing construction supplies retailer, reported Wednesday a net income of ₱484 million in the first quarter of 2019, up 18.2 percent year-on-year, mainly due to a strong net sales growth and healthy gross profit margin expansion.
Wilcon said in a disclosure to the stock exchange net sales rose 21.9 percent to ₱5.734 billion for the period, on the back of a 7.9-percent same-store-sales growth and contribution from new stores that accounted for the remaining 14 percent of the Sales from depot format stores totaled P5.5 billion, representing 96.1 percent of total sales for the period. The figure is 22.5 percent higher than P4.5 billion in net sales in the first quarter of 2018 due to the contribution of new depots and the eight percent same-store-sales growth.
Sales of the smaller format Home Essentials’ also rose9 .7 percent to P161 million from the prior year’s P147 million.