Earnings are expected to recover in the second half of the year for Home improvement and construction supply retailer Wilcon Depot, Inc.
The company is gearing up for continued expansion with the easing of lockdowns amid the pandemic.
According to Rosemarie Bosch Ong, Wilcon Depot senior executive vice president and chief operating officer, the company opened four stores this year, and two more before the year ends.
“At this point, we are still expanding, we are still providing employment,” she said in a virtual press briefing Monday.
Ong said they are confident about earnings recovery in the second half of 2020, barring any major disruption amid the pandemic, as their stores are in full operations.
Wilcon now has 61 stores nationwide.
“We have four new stores that are already contributing and some of the stores that we opened last year are already ramping up also so that will be a big plus factor,” she added.
The company booked a 64.6-percent decline in net income in the first semester of the year, as the enhanced community quarantine imposed on the whole of Luzon starting March 17, 2020 required it to close all 44 of its Luzon stores.
Sales from its Luzon stores accounted for 84 percent of Wilcon’s total sales pre-ECQ.
Wilcon was allowed to re-open stores only on May 16, 2020.