Wilcon Depot Inc., the Philippines' largest home improvement retailer, started the year strong with a 14.6 per cent rise in sales in the first quarter.
In its disclosure to the Philippine Stock Exchange, the company said it ended the first three months of 2022 with 7.65 bn Philippine pesos (Php) (approx. Euro 138.36 mio) in sales from Php 6.675 bn in the same period the previous year.
Same store sales rose 8.6 per cent despite mobility restrictions imposed in January following the surge of the Omicron variant of the coronavirus disease 2019, with foot traffic recovering the month after, Wilcon said.
Sales of depot format stores rose 15 per cent, offsetting a 1.3 per cent decline in the total take of Home Essentials, the company's small store format.
In a statement, Wilcon CEO, Lorraine Belo-Cincochan said Wilcon, which opened its 74th store last March, plans to open seven more outlets this year. “We remain focused on our store network expansion, especially with this very encouraging first quarter results,” she said. “We are hoping that the return to our pre-pandemic growth path will continue unhampered.”
Wilcon plans to have 100 stores by 2025. In a separate disclosure, the company confirmed it has allotted Php 3.53 bn for new stores and renovation of existing outlets.
Jennee Grace U Rubrico / DIY International