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A lockdown imposed during the third quarter to stem record high Covid-19 cases in the Philippines led to a slip in Wilcon Depot's sales. The home improvement retailer posted net sales of 6.62 bn pesos (PHP, EUR 112.77 mio) in July to September 2021, down 1.9 per cent as same store sales dropped 9.3 per cent. Stores operated at reduced capacity in the lockdown, which ran from 6 August to end-September 2021.
But the dent in quarterly sales did little to erode earlier gains. Net sales in the nine-month period rose 27 per cent to PHP 20.05 bn (EUR 351.18 mio) owing to a low base that led to a 16.9 per cent rise in same store sales. Last year, home improvement shops were closed during lockdowns.
The company said changes in the product mix of its exclusive and in-house brand category helped. Wilcon's depot format stores made up 97.4 per cent of the sales.
Wilcon opened eight stores this year; seven were depots and one was the smaller Home Essentials format. It is slated to open one more Home Essentials store and two more depots for the rest of 2021. The company has spent PHP 1.8 bn (EUR 31.5 mio) on capital expenditures.
But the dent in quarterly sales did little to erode earlier gains. Net sales in the nine-month period rose 27 per cent to PHP 20.05 bn (EUR 351.18 mio) owing to a low base that led to a 16.9 per cent rise in same store sales. Last year, home improvement shops were closed during lockdowns.
The company said changes in the product mix of its exclusive and in-house brand category helped. Wilcon's depot format stores made up 97.4 per cent of the sales.
Wilcon opened eight stores this year; seven were depots and one was the smaller Home Essentials format. It is slated to open one more Home Essentials store and two more depots for the rest of 2021. The company has spent PHP 1.8 bn (EUR 31.5 mio) on capital expenditures.
