Wilcon Depot Inc. recorded a 22 percent decline in profit to P2.12 billion in the first nine months of the year from P2.73 billion in the same period in 2023.
Sales reached P25.68 billion, down 1 percent from last year’s P29.94 billion.
On a per format basis, sales from the depot-format stores totaled P24.65 billion, comprising 96 percent of total sales.
“This was lower by 1.5 percent year-on-year,” it said.
Sales from new depots contributed 4.3 percent to the nine-month 2023 total sales. Same-store sales declined 5.8 percent.
The smaller format, Do-It-Wilcon, which includes the original Home Essentials stores, posted sales of P738 million, up 34.3 percent, contributed mainly by new Do-It-Wilcon stores. Same-store sales for the format declined 4.1 percent, traced mainly to the lower sales of old Home Essentials stores.
The remaining 1.1 percent of total net sales was accounted for by project sales or sales to major institutional accounts, which amounted to P294 million, with a P75 million or 20.3 percent year-on-year decrease.
Lorraine Belo-Cincochan, Wilcon president, said soft demand for major home improvement and finishing construction supply persisted through the third quarter, dragging profitability.
“The incessant rains and bad weather also did not help, which historically tends to postpone or delay construction projects,” she said.