Wilcon Depot sees double-digit growth

Hardware and home improvement chain Wilcon Depot, Inc. is expecting to post a "low double digit growth" for both revenues and net income this year on the back of its continuing nationwide expansion.

In an interview after the firm’s annual stockholders’ meeting, senior executive vice president and chief operating officer Rosemario Ong said their current performance is "within internal company targets.

Wilcon earlier reported a profit of R390.5 million from net sales of R4.182 billion in the first quarter of the year. The company said the sales figure was a 14.1 percent increase from R3.667 billion a year ago.

According to Wilcon Chairman William Belo, they are opening seven branches nationwide this year, including two in Mindanao, at a cost of about R150 million per branch for a total of R1.05 billion for 2017.

He said they are opening one store each in Zamboanga City and Cagayan de Oro City this year despite concerns over the peace and order situation in Minandao.

Wilcon will also open branches in Iloilo, Tacloban, and Bacolod City in the Visayas, and Cabanatuan City and Silang, Cavite in Luzon. This will bring Wilcon's total store network to 44 by the end of the year, from the current 37.

"We think it's not going to be a problem," said Belo on the peace and order threat in Mindanao tagging the ongoing conflict in Marawi City as "isolated."

Wilcon already has branches in Davao City and Butuan City, with the company looking to expand its presence in the Visayas and Mindanao area. “The company is spending an average of R150 million for each store, which averages 9,000 square meters in size,” said Ong.

Ong said Wilcon is also unveiling a new line of products ranging from lighting fixtures, piping products, home interior products, as well as kitchen appliances, exclusive to Wilcon's stores. (JAL)