HD Supply narrows loss in 2013
HD Supply reported net sales of $8.5 billion for fiscal 2013, an increase of 9.4 percent compared to fiscal 2012.
Organic sales growth was 8.1 percent, the company said.
“I am very pleased with our 2013 performance,” said Joe DeAngelo, CEO of HD Supply. “We delivered 9 percent sales growth and 21 percent adjusted EBITDA growth, as adjusted for unusual items, despite a challenging and uncertain market environment. Our focused growth strategies and investments coupled with our differentiated customer centric business model continue to deliver profitable growth in excess of our estimate of market growth.”
Net loss for the year was $218 million, compared to a net loss $1.179 billion in 2012.
Net sales for the fourth-quarter of fiscal 2013 were $1.9 billion, an increase of 6.9 percent, compared to the same period in 2012. Organic sales growth was 6.7 percent in the quarter.
During the fourth quarter, the company reduced headcount by 150 employees, consolidated or relocated an unspecified number of locations and liquidated inventory, resulting in a $12 million charge.
Full-year sales for White Cap Construction Supply increased 11.8 percent to $1.3 billion. Adjusted EBITDA increased 43.6 percent to $79 million in fiscal 2013 as compared to $55 million in fiscal 2012 on a 52-week basis.
Net sales increased 10.9 percent to $295 million in fourth-quarter fiscal 2013 as compared to $266 million in fourth-quarter fiscal 2012.
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.
