Home retail tycoon William Belo’s Wilcon Depot is aiming to bounce back in the second semester of 2024 amid softer sales and losses from a fire last April.
Wilcon said net income during the first half slumped about 17 percent to P1.5 billion while net sales reached P17.2 billion, thanks to the opening of five new stores, bringing its branches to 95. Without these, sales would have dropped 4.6 percent.
“We are looking forward to a better second half as we continue to push for higher sales while realigning resources deployed with the current market demand,” Wilcon president and CEO Lorraine Belo-Cincochan said on Wednesday.
The company also recorded one-time losses of P98 million after inventory and property was destroyed during a fire at its Baliuag branch last April 24.
Wilcon expects to recover P80 million in insurance claims in the latter part of the year, its quarterly report showed.
“We are continuing with our store network expansion program, opening five new stores for the first half and on track to reach our 100-store target by the end of the year,” Belo-Cincochan said.
