HD Supply sales up by 6.3 percent
HD Supply Holdings reported net sales of $5.1 billion for the full-year of fiscal 2017, an increase of 6.3 percent compared to the full-year of fiscal 2016.
Net income of $970 million for the year compared to $196 million for 2016. The increase was impacted by a $732 million gain, net of $197 million of tax, on the sale of the Waterworks business unit. Net income per diluted share increased $4.04 to $5.01 for the full-year of fiscal 2017 as compared to 97 cents for the full-year of fiscal 2016.
For the fourth quarter, net sales increased 9.0 percent to $1,183 million as compared to $1,085 million for the fourth quarter of fiscal 2016.
Net loss was $9 million for the quarter, compared to net income of $52 million for the fourth quarter of fiscal 2016. The 2017 fourth-quarter loss was due to a $72 million non-cash charge for the remeasuring of the company’s U.S. deferred tax assets and liabilities resulting from the Tax Cuts and Jobs Act of 2017. Net loss per diluted share was 5 cents for the quarter, compared to a 26 cents net income per diluted share for the fourth quarter of fiscal
2016.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
