Wil­con earn­ings jump 24% in 9 months

Business World - - Corporate News - Arra B. Fran­cia

EARN­INGS of Wil­con De­pot, Inc. rose by 24% in the first nine months of 2018, lifted by its store ex­pan­sion com­ple­mented by strong same-store sales.

In a state­ment is­sued Thurs­day, the listed firm booked a net in­come of P1.39 bil­lion from Jan­uary to Septem­ber, fol­low­ing a 17.9% uptick in net sales to P15.36 bil­lion.

Net in­come reached P475 mil­lion dur­ing the third quar­ter alone, af­ter a 17.8% in­crease at the top line to P5.36 bil­lion.

The com­pany opened seven new Wil­con branches and two home es­sen­tial stores in the first nine months of the year, con­tribut­ing P521 mil­lion in net sales for the quar­ter. Mean­while, same-store sales growth stood at 8.6% from July to Septem­ber.

It plans to open four more de­pots in the fourth quar­ter, for a to­tal of 51 stores this year.

“Be­cause of the con­tin­ued healthy sales growth in the third quar­ter and an­tic­i­pat­ing the con­tin­ued con­tri­bu­tion of newly opened stores in the fourth quar­ter, Wil­con is look­ing to ex­ceed its mid-teens 2018 net in­come growth tar­get de­spite the ex­pected con­tin­u­ing in­fla­tion­ary cost pres­sures,” Wil­con Chief Fi­nance Of­fi­cer Mark An­drew Y. Belo said in a state­ment. —

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