HD Supply sees signs of stabilization
HD Supply today reported net sales of $1.974 billion for the second quarter, up slightly from $1.973 billion in the same quarter last year.
Consolidated net loss for the second quarter of fiscal 2010 was $115 million, compared with a net loss of $89 million for the same period in fiscal 2009.
“As we enter the second half of this year, we are beginning to see signs of economic and industry stabilization and are cautiously optimistic," said CEO Joe DeAngelo. "We continue to invest in the critical growth areas for our business that will uniquely position HD Supply to grow faster than the markets as they recover."
Net sales for the first six months of fiscal 2010 were $3.8 billion, a decline of 2.8% compared with the first six months of fiscal 2009. Operating income in the first six months of fiscal 2010 improved $11 million to $5 million compared with an operating loss of $6 million in the first six months of fiscal 2009.
"Over the past six months, we have enhanced our product mix, continued to improve our operational efficiencies and have made critical investments in our technology systems. In addition, our teams are intensely focused on maintaining and growing current customer relationships, and earning new business by providing outstanding service to our customers,” DeAngelo added. “Our growing liquidity and the extension of the majority of our debt maturities to 2014 enhances our solid financial position.”