Wilcon profit down 31.8 percent last year
LISTED Wilcon Depot Inc. on Monday said it saw its earnings decline by 31.8 percent to P1.45 billion last year from P2.13 billion in 2019 as the coronavirus diseae 2019 (Covid-19) pandemic and the mobility restrictions hampered its operations.
The home improvement company likewise posted a 7.5-percent lower full-year net sales to P22.63 billion from P24.48 billion, with a comparable sales decline of 13.6 percent.
Wilcon, in a disclosure, said the drop in comparable sales was mainly on the back of the two-month closure of its Luzon branches amid quarantine restrictions.
Its depot format accounted for 97 percent of the total net sales, followed by the smaller format home essentials stores at 2.2 percent and project sales or sales to major developers at 0.8 percent.
Meanwhile, Wilcon reported that its fourth quarter net sales climbed 6.2 percent year-on-year to P6.84 billion from P6.44 billion attributed to the contribution of its new stores as comparable sales performance was flat at -0.5 percent.
The company opened six new depots in Luzon last year, which brings its store network to 63, with 56 depots and seven home essentials.
Net income for the quarter, meanwhile, shed 3 percent to P563 million from P581 million due to the drop in interest income.
For this year, Wilcon has earmarked P3.2 billion of capital expenditure for its new stores and warehouses, renovations and extensions.
In the disclosure, Wilcon President and Chief Executive Officer Lorraine Belo-Cincochan said the company will continue with its expansion plans and eyes the opening of nine new stores in 2021.
Wilcon opened two stores in January and has seven more in its pipeline this year.
Shares of Wilcon were flat to end at P17.90 each on Monday.