Wilcon Depot says bottom line up 4.7% in Q1

Wilcon Depot Inc. posted a 4.7-percent increase in bottom line in the first quarter of the year, largely on higher sales.

In a regulatory filing submitted by investor relations officer Jean Alger, the company said its net income reached P409 million in the first three months of the year from P391 million a year earlier.

“The uptick, notwithstanding the high first quarter 2017 net income base, was driven by consistent marketing efforts to boost same-store sales,” the company said.

Net sales totaled P4.705 billion, up 12.5 percent from P4.182 billion.

“The increase was driven by a strong comparable sales performance of 5.3 percent for the same period despite shorter operating days in view of the long national holiday week in March 2018 and a robust contribution from new stores, which accounted for the balance of the increase,” Wilcon said.

Operating expenses were up 16.4 percent at P991 million from P851 million, mainly due to the newly-opened sores.

Wilcon sells local and international brands building materials as well as furniture and furnishings. —Jon Viktor Cabuenas/VDS, GMA News