Net sales for the period reached P25.68 billion, a drop of P262 million or 1 percent compared to the same period last year.
Sales from new depots grew by 5 percent but were offset by a 5.9-percent decline in comparable sales.
The company opened three new depots, bringing the total number of branches to 98 by the end of the third quarter.
Operating expenses increased 8.7 percent to P7.64 billion, while gross profit fell by 1.1 percent to P10.132 billion.
Management’s view
Wilcon President and CEO Lorraine Belo-Cincochan stated that demand for home improvement and construction supplies remained weak in the third quarter, worsened by constant rains and bad weather, which typically delay construction projects.
“[We’re nearing completion of our 100-store target, we now have 98 stores and we expect to open our 100th branch before the end of the year],” she said.
“While expansion-related expenses have been the major drag on net income, we still believe that we have to be well-positioned to capture more market share as customer preference even for planned purchases has been trending toward convenience and accessibility especially since the pandemic,” she added.
