HD Supply sales up 10%
HD Supply Inc. reported net sales for the fiscal 2011 second quarter of $2.2 billion, an increase of 10.0 percent compared to the second quarter of fiscal 2010.
Gross profit increased 10.5 percent to $601 million compared to $544 million for the second quarter of fiscal 2010. However, the company posted a loss from continuing operations of $101 million, compared to a loss of $115 million for the second quarter of fiscal 2010.
"The second quarter results marked the company's fifth consecutive quarter of sales growth," said Joe DeAngelo, CEO. "During the second quarter, sales initiatives, continued focus on margin expansion and cost control resulted in the highest quarterly operating income since the second quarter of fiscal 2008."
During the quarter, the company launched HD Supply Facilities Maintenance's mobile-enabled e-commerce Web site, hdsupplysolutions.com. The HD Supply Waterworks business completed the acquisition of Rexford Albany Municipal Supply Company Inc., expanding for the first time into the state of New York, and HD Supply also agreed to sell Plumbing/HVAC business to Hajoca Corporation..
Net sales for the six months of the year were $4.0 billion, an increase of 7.5 percent. Gross profit in the year-todate period of fiscal 2011 increased by $83 million, or 7.9 percent, to $1.1 billion compared to $1.0 billion for same period of fiscal 2010.
The company reported a loss from continuing operations before income taxes of $231 million in the six months ended July 31, 2011, an improvement of $76 million as compared to the same period of fiscal 2010.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GME Supply. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Howard Coleman, as well as interviews with numerous product and distribution industry experts.
