WILCON Depot, Inc. logged a 22.8% increase in net income to P692 million in the fourth quarter last year, as the retailer’s gross profit margin improved with the higher contribution from its in-house brands.
“We delivered stronger quarter-on-quarter performance for the fourth quarter, which raised our net income for the year higher than initially expected,” Wilcon Depot President and Chief Executive Officer Lorraine Belo-Cincochan said in a statement on Thursday.
Net sales during the quarter grew 9.1% to P7.47 billion from P6.84 billion. The company said its depot-format stores made up for the majority or 97.2% of net sales.
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