WILCON Depot, Inc. officials said that the home improvement firm is on track to reaching its target of having 100 stores by end-2025 as part of its network expansion initiative.
“As we enter our 45th year as a business this 2022, we continue to focus on our strategic growth plans to fulfill our mission. We are well on our way to reaching our 100-strong store network by the end of 2025 as we ended 2021 with 73 branches,” said William T. Belo, Wilcon’s founder and chairman emeritus, in a press release on Monday.
“This thrust is anchored on our confidence in our market’s resiliency and that their desire to build, improve and refine their homes for a sustainable and comfortable life remains unchanged,” he added.
In a media briefing on Monday, Wilcon President Lorraine Belo-Cincochan said the company is targeting to have 81 stores by the end of the year.
“It’s only 2022, so I think we are on track given the pace we have. Hopefully, there are no more surges or restrictions in mobility. It’s going to be quite timely for the 100-store target,” she said.
“We want to continue to expand our product mix. We are customer-driven and customer-focused in the categories we carry. We continue to have an edge given our experience, and track record,” she added.
Aside from Wilcon’s store network expansion target, Ms. Belo-Cincochan also said that the company will continue to focus on margin improvements through product mix strategies.
In the same briefing, Wilcon Chief Operating Officer Rosemarie B. Ong said that for the rest of the year, the outlook is positive as she sees construction activity increasing amid eased restrictions.
“The outlook is still very positive given that we had the election last May. The trend still continues as far as the construction sector is concerned. It’s alive and active now. Many constructions disrupted in 2021 are now continuing. People are going back to the city now and we’ve seen how the economy has recovered in retail, even more so with home improvement. We’re seeing a lot of activity, especially institutional and private construction,” she said.
In the first quarter, Wilcon reported that its net income increased 40.7% to P850.67 million from P604.41 million, driven by higher sales. Net sales likewise surged 14.5% to P7.65 billion from P6.68 billion in 2021.
Wilcon shares rose by 0.64% or 15 centavos to P23.45 on Monday. — Luisa Maria Jacinta C. Jocson