Wilcon FY23 profit: P3.5-B (down 9.5%)
Wilcon [WLCON 43.00 unch] [link], the home improvement and construction products retailer owned by William Belo, revealed that its FY23 net income was P3.5 billion, which was down 9.5% from the P3.8 billion it posted in net income the previous year. WLCON reported that net sales were up 3% to P34.6 billion, gross profit was up 4% to P13.7 billion, but that its operating expenses were up 9.5% to P3.5 billion. The company said that the net sales increase was from the contributions of new stores, but that the “expansion-related expenses” from opening those stores caused its operating expenses to rise and lower its overall net income for the year. WLCON also referred to the “softness of the market” as another reason for its failure to exceed its FY22 profitability, as evidenced by the 3.4% drop in same-store sales. WLCON said that it is still pushing toward its “100-store goal by 2024” and is planning to open two Do It Wilcon branches and eight depot format stores in hopes of being “in the best position” once “home improvement spending rekindles.”
