HD Supply sales climb 18.1 percent
HD Supply Holdings reported net sales of $6.0 billion in fiscal 2018, an increase of 18.1 percent compared to fiscal 2017.
Fiscal 2018 consisted of 53 weeks, compared to 52 weeks in fiscal 2017. Organic sales growth, net of the change in selling days, was 9.2 percent in fiscal 2018 compared to fiscal 2017.
"I couldn’t be more proud of the team’s performance in 2018. We delivered strong organic growth throughout the year, seamlessly integrated the A.H. Harris business and repurchased 15.5 million shares of common stock," said Joe DeAngelo, chairman and CEO of HD Supply.
Net income decreased $576 million to $394 million in fiscal 2018, as compared to $970 million in fiscal 2017. The decrease was impacted by a fiscal 2017 $732 million gain, net of $197 million of tax, on the sale of the company's Waterworks business unit, partially offset by a $72 million non-cash charge as a result of the Tax Cuts and Jobs Act of 2017. Net income per diluted share was $2.17 in fiscal 2018, as compared to $5.01 in fiscal 2017.
For the fourth quarter, net sales increased $263 million, or 22.2 percent, to $1,446 million, as compared to the $1,183 million in fourth quarter 2017. The fourth quarter 2018 consisted of 14 weeks, as compared to 13 weeks in fourth quarter 2017. Organic sales growth, net of the change in selling days, was 7.4 percent in fourth quarter 2018, as compared to fourth quarter 2017.
Net income increased $101 million to $92 million in fourth quarter 2018, compared to a net loss of $9 million in fourth quarter 2017. The fourth quarter 2017 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 income per diluted share was 52 cents in fourth quarter 2018, compared to a net loss of 5 cents per
diluted share in fourth quarter 2017.
Facilities Maintenance net sales increased 8.5 percent to $3,089 million in fiscal 2018, compared to $2,847 million in fiscal 2017.
Construction & Industrial net sales increased 29.9 percent to $2,961 million in fiscal 2018, compared to $2,279 million in fiscal 2017.
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.
