HD Supply sales up 14.2%
Despite a 14.2% sales gain for the first quarter of fiscal 2012, HD Supply posted a loss of $376 million.
The loss included $220 million for extinguishment of debt. Excluding that amount, the loss for the quarter improved $13 million compared to the first quarter of fiscal 2011.
Gross profit increased by $63 million, or 13.7 percent, to $523 million compared to $460 million for the first quarter of fiscal 2011. Sales for the quarter were $1.8 billion.
During the quarter, the company completed the sale of the Industrial Pipes, Valves and Fittings (IPVF) business to Shale-Inland Holdings LLC for approximately $469 million.
“As a result of the debt refinancing and sale of our IPVF business, we have added financial strength and flexibility to invest in future growth initiatives and explore future niche acquisition opportunities that will grow our portfolio and continue to enhance market share,” said Joe DeAngelo, CEO of HD Supply.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
