Wilcon Depot, Inc. reported a 3.3 percent decline in full-year 2025 net income to P2.446 billion, as weaker results in the early part of the year offset a late recovery. The drop of P83 million came despite a 3.7 percent increase in annual net sales to P35.444 billion.
In a stock exchange report on Monday, the company said its second-half turnaround followed operational adjustments implemented mid-year.
“We are happy to announce that we were able to maintain positive same-store sales growth in the fourth quarter, which resulted in a second-half net income increase of 26.0%,” President and CEO Lorraine Belo-Cincochan said.
“We recalibrated some functional strategies… which were aimed at reversing performance downturns. I would like to thank both our frontline and support teams for their cooperation and hard work, which enabled us to achieve this turnaround.”
Fourth-quarter results showed a strong rebound. Net income for the period rose 41.3 percent to P580 million, while net sales increased 7.3 percent to P9.107 billion, supported by a 3.8 percent rise in comparable sales and contributions from newly opened stores.
Gross profit for the quarter grew 11.9 percent to P3.6 billion, driven by higher-margin in-house and exclusive brands. Operating expenses rose 3.3 percent to P2.914 billion, and net other income declined 44.3 percent to P82 million.
For the full year, most of Wilcon’s revenue growth came from store expansion as comparable sales ended flat at -0.3 percent.
Depot format sales climbed 4 percent to P34.136 billion, while DIW store sales reached P1.123 billion, up 12.8 percent.
Project sales dropped 46.8 percent to P185 million. Gross profit expanded 2.5 percent to P13.677 billion, although overall margins were slightly lower. Operating expenses increased 3.7 percent to P10.854 billion, and net other income fell 12.3 percent to P424 million.
To usher in growth, the company said it will open eight new stores this year in addition to the three already launched.