WILCON DEPOT, INC. (Wilcon) saw its second-quarter (Q2) net income fall by 18.72% to P626 million on lower sales.
For the second quarter, the company’s combined revenue decreased by 2% to P8.80 billion from P8.98 billion recorded in the same period a year ago.
“While some of the impact of the measures we’ve implemented will be spread out up to next year, we are already seeing improvements especially in trucking. If sales growth rates continue to trend upward and we are able to control increases in some expense items, we are expecting to reverse the net income decline in the first half,” Wilcon President and Chief Executive Officer Lorraine Belo-Cincochan said in a stock exchange disclosure on Tuesday.
For the first half, the company’s net income went down by 23.18% to P1.16 billion from P1.51 billion recorded in the same period in 2024.
Wilcon recorded gross revenue of P17.30 billion for the six months ending June, down by 0.69% from P17.42 billion in the same period a year ago.
“We are already seeing an upward trend in our sales and our same-store sales growth (SSSG) is already in positive territory in June. It was mainly during the long holidays in April and May that foot traffic was affected, as expected,” Ms. Belo-Cincochan said.
For the April-to-June period, Wilcon saw its total expenses rise by 1.03% to P7.87 billion from P7.79 billion incurred in the same period last year.
The company attributed the drop in its income to weaker same-store sales and rising expenses, noting that the opening of new stores also contributed to higher costs during the period.
At the stock exchange on Tuesday, shares in the company gained four centavos, or 0.41%, to end at P9.85 apiece. — Ashley Erika O. Jose
