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Wilcon nets P1.1B in third quarter
By JON VIKTOR D. CABUENAS,GMA News Wilcon Depot Inc. posted double-digit growth in its third-quarter bottom line as the home improvement and construction supplies retailer recorded higher sales during the period.
In a disclosure to the local bourse, Wilcon said its net income grew to P1.104 billion in the third quarter from P622.136 million in the same period last year.
Net sales climbed to P8.780 billion from P6.621 billion, while operating expenses increased to P1.984 billion from P1.663 billion.
Capital expenditure for the quarter totaled P1.962 billion, with the bulk going to the construction of new stores and warehouses.
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“The increase was traced mainly to higher sales for the period and the expansion in gross profit margin, which grew by 180 basis points year-on-year,” it said.
Wilcon said it ended the first nine months of the year with 80 stores after opening seven stores — three depots in the first half and four in the third quarter.
The company operates businesses through two retail formats—the depot store format and the home essentials store format.
Its product offerings include local and international brands of tiles and flooring; plumbing and sanitary wares; electrical and lighting products; hardware and tools; furniture; furnishings and housewares; paints; appliances; and building materials, among others. — VBL, GMA News