Wilcon financials surge on eased lockdown rules

Wilcon operates nearly 70 stores.
Wilcon operates nearly 70 stores.

Wilcon Depot, the Philippines' leading home improvement store chain, reported a surge in its finances in the first half of 2021 after the government allowed business establishments to operate during the pandemic-induced lockdown. The company disclosed a 48.5-per cent rise in net sales for the first six months of the year, to 13.426 bn Philippine pesos (PHP, EUR 224.778 mio).
The recovery came after the company was allowed to keep its stores open at reduced capacity during the imposition of the enhanced community quarantine (ECQ), the strictest lockdown level in the country, from March 26 to April 30, 2021. In contrast, when ECQ was imposed from March 17 to May 15 last year, all non-essential businesses were ordered to close temporarily.
Wilcon's same store sales rose 36.4 per cent during the six-month period. Depots contributed 97.3 per cent of the total sales while Wilcon Essentials, its smaller format, accounted for two per cent.
For the second quarter alone, Wilcon almost doubled its net sales to PHP 6.751 bn (EUR 113 mio). Comparable sales growth rose 79.7 per cent.
The company spent PHP 1.55 bn (EUR 26 mio) in capital expenditures during the period, the bulk of which was used for building new stores and warehouses. Wilcon opened four depots in the first half of the year, bringing its total store count to 67.
Lorraine Belo-Cincochan, Wilcon CEO and president, said five more stores will be launched for the rest of the year, with one set to open on July 30. She added that the company, which relaunched its e-commerce site last May, will continue to invest in the digital space.
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