Posted April 14, 2011
HD Supply sales up 6.7 percent
HD Supply reported net sales for the fiscal 2010 fourth quarter of $1.7 billion, an increase of 6.7 percent, compared to the fourth quarter of fiscal 2009.
Gross profit increased 12.7 percent to $480 million compared to $426 million for the fourth quarter of fiscal 2009. However, the company reported a consolidated loss from continuing operations of $203 million, compared to a loss of $168 million for the same period in fiscal 2009.
Loss from continuing operations in the fourth quarter of fiscal 2010 and fiscal 2009 included non-cash charges of $88 million and $1 million, respectively, to increase the valuation allowance against the company's deferred tax assets.
"In 2010, our associates' continued focus on our customers and our significant investments in the company to accelerate sales and growth momentum enabled us to gain market share and report year-over-year improved financial results, the first since 2007. Furthermore, our liquidity remains very strong, which allows us to meet our commitments and continuously invest in profitable growth," said Joe DeAngelo, CEO.
Net sales for the full year were $7.5 billion, an increase of 0.8 percent, compared to 2009. Gross profit increased by $81 million, or 4.1 percent, to $2.1 billion in fiscal 2010 versus $2.0 billion in fiscal 2009.
