Wilcon Depot Inc., the Philippines' biggest home improvement retailer, appears to have brushed off pandemic woes as it posted its best quarterly sales in April to June 2022. Net sales grew by 22.8 per cent to 8.29 bn Philippine pesos (PHP, EUR 146.48 mio) in the second quarter on a 15-per-cent rise in same-store sales and the contribution of two new depots, the company disclosed.
Depots are the big box stores of Wilcon. It also has a smaller format called Home Essentials. As of the end of June, the company had 76 outlets across the Philippines.
“We built on our strong first-quarter start and delivered our best quarter net sales and earnings so far, this second quarter,” said Lorraine Belo-Cincochan, president and CEO.
For the six months, net sales rose by 18.7 per cent to PHP 15.942 bn, with depots accounting for 97.5 per cent and the Home Essentials format contributing 1.8 per cent. “With the improving performance of stores in areas that were more frequently disrupted by mobility restrictions last year, we expect our net sales to grow by at least high teens and our comparable sales by high single-digit to low teens for the full year 2022,” Belo-Cincochan said.
After opening three depots in the first half and a fourth in July, when it also opened a new Home Essentials outlet, the company is slated to open four more big-format outlets over the rest of the year.