Double-digit growth in same-store sales resulting from the Philippines' post-pandemic recovery allowed the country's top home improvement retailer Wilcon Depot to record an 18.5 per cent rise in net sales in the fourth quarter. The company disclosed that it generated net sales of 8.84 bn Philippine pesos (PHP, EUR 151.3 mio) from October to December 2022, mainly due a 10.4 per cent rise in comparable sales growth. "Wilcon delivered a strong fourth-quarter performance to cap off a record year for us," said Lorraine Belo-Cincochan, Wilcon president and CEO.
The fourth-quarter contribution raised Wilcon's full-year sales to PHP 33.571 bn, up 22 per cent. Apart from the strong showing at the end of 2022, which saw the opening of three new branches for the company, Wilcon also credited its full-year performance to "the resumption of private construction upon the full opening of the economy from pandemic-related restrictions".
Depots, Wilcon's big-box stores which have an average selling area of 9,210 m², made up 97.2 per cent of the sales, while the smaller Home Essentials stores - which average 1 478 m² - contributed 1.9 per cent. Same-store sales for the period rose by 14.2 per cent, while net income soared 50.2 per cent to a record PHP 3.848 bn, Wilcon stated.
The company spent PHP 2.643 bn in 2022 for the opening of ten new branches. Of these, nine were depots and one was a Home Essentials branch. Wilcon ended the year with 83 outlets. It plans to have 100 stores operating across the Philippines by 2025.