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Wilcon Depot says Q3 net income down 2.9 pct as virus restrictions drag growth

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/tvpatrol/09/21/wilcon-depot.jpg"/></figure></div> MANILA - Wilcon Depot said its third quarter profit dipped 2.9 percent as virus restrictions continued to weigh in on sales and operations, it told the stock exchange.The home improvement retailer recorded a net income of P533 million for the July to September period, slightly lower than the P549 million it posted in the same period last year. Quarterly net sales grew nearly 8 percent to P6.7 billion from P6.2 billion in the third quarter.“It is particularly challenging though that we have such a high base as we did extremely well in the fourth quarter of 2019. We are continuously studying ways by which we can improve efficiencies given our results amid this pandemic, but we are also trying to balance this vis-à-vis our long-term goals and our obligations and commitments to all our stakeholders – including our customers, suppliers, employees and communities,” said Lorraine Belo-Cincochan, Wilcon Depot CEO. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/21/20/wfh-prompts-fix-your-home-wilcon-depot-sees-good-numbers-in-q3-with-signs-of-recovery">WFH prompts fix your home: Wilcon Depot sees &#x27;good numbers&#x27; in Q3 with signs of recovery</a></li></ul>For the first nine months of the year, Wilcon&#x27;s net income declined by 42.6 percent to P886 million from P1.54 billion in the same period last year. Net sales also sunk to P15.8 billion from P18 billion last year.Metro Manila and other areas were placed under quarantine restrictions since March to curb the spread of COVID-19. This contributed to lower store earnings due to shortened operating hours and lesser foot traffic.

Wilcon Depot said its third quarter profit dipped 2.9 percent as virus restrictions continued to weigh in on sales and operations, it told the stock exchange.

Wilcon Depot said its third quarter profit dipped 2.9 percent as virus restrictions continued to weigh in on sales and operations, it told the stock exchange.