Wilcon Depot Inc., a leading home improvement and construction supplies retailer, said Friday it booked a net income of P908 million in the third quarter, down 17.8 percent year-on-year on higher operating expenses and weak sales.
Operating expenses accelerated by 17.4 percent to P6.562 billion on the back of expansion-related operating expenses. “Overall demand for major home improvement and finishing construction supply continues to be soft for retail, but resumption of projects by major developers increased project sales by 75.5 percent. Although project sales only account for 1.4 percent of total net sales, the buyers of these projects are potential Wilcon customers,” said Wilcon president and chief executive Lorraine Belo-Cincochan.
Belo-Cincochan said Wilcon would still pursue its store network expansion as it aims to deliver on its commitment to have 100 stores by 2024, despite the challenging economic environment.
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