MANILA – Wilcon Depot Inc., owned by businessman William Belo, is projecting a slowdown in sales growth in 2023 as consumers shift their spending towards revenge travel instead of home improvement. This shift in consumer behavior, which helped drive the company’s profits to a record high last year, is expected to impact their growth prospects for the coming year, according to Wilcon president and CEO Lorraine Belo-Cincochan. Despite this, Belo-Cincochan remains confident in the core strength of the business and plans to continue opening new stores. She also noted that the renovation market will always be present and that the hospitality sector is increasing construction projects due to strong demand in the tourism segment. While company officials did not provide specific earnings guidance for the year, Wilcon’s vice president for investor relations, Mary Jean Alger, acknowledged that it may be challenging to match the record financial performance of the previous year.
Wilcon’s 2022 Performance and Expansion Plans
Wilcon reported a net income of over P3.85 billion and a sales increase of 22 percent to reach P33.57 billion in 2022. The company aims to reach 100 outlets by 2024, one year ahead of schedule, and plans to open 8-10 new stores this year. Belo-Cincochan also disclosed plans to introduce a mix of depot store formats and smaller formats in the coming years.
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