Sales rise at HD Supply
HD Supply reported $2.1 billion in net sales for its third fiscal quarter, a 10.7% increase over sales of $1.87 billion during the same quarter of 2010.
Net loss for the quarter, which ended Oct. 30, was $105 million, compared with a loss of $99 million in the corresponding quarter of 2010. Operating income improved $31 million to $78 million.
Loss from continuing operations for the third quarter of fiscal 2011 was $106 million, compared with a $90 million loss from continuing operations for the third quarter of fiscal 2010.
Joe DeAngelo, CEO of HD Supply, said: “The third-quarter results mark the company’s sixth consecutive quarter of year-over-year sales growth. We are well-positioned for continued growth and improved financial performance through a sharp focus on executing our strategic plan, [and] continuing significant investments in our leadership businesses.”
The company has $1.2 billion of liquidity, according to its financial statement.
Transactions during the third quarter included the opening of a new distribution center in Jacksonville, Fla., for HD Supply Facilities Maintenance. The company also launched the HD Supply Locations Web application.
HD Supply sold its plumbing/HVAC business to Hajoca Corp. on Sept. 9, 2011. As a result of the sale, the company recorded a preliminary $7 million pre-tax gain in the third quarter of fiscal 2011, which is subject to a customary working capital adjustment that is expected to be finalized during the fourth quarter of fiscal 2011.