Business

Wilcon Depot to open 9 new stores

Belo-owned Wilcon Depot Inc. is spending P3.2 billion this year to open nine new outlets.

Part of the expansion includes the construction of warehouses as well as renovations.

Two stores already opened in January, boosting its total store network to 65.

Wilcon reported a 31.8 percent drop in net earnings last year to ₱1.45 billion as sales fell 7.5 percent to P22.63 billion due to the two-month closure of its branches in Luzon and the continued quarantine measures in Metro Manila.

Gross profit slipped by 4.8% to ₱7.782 billion in view of lower sales as the contribution of the higher margin products increased to 50.9 percent from 49.5% .

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