Posted June 10, 2011
HD Supply sales up 4.9%
HD Supply Inc. reported net sales for the quarter of $1.9 billion, a 4.9 percent increase compared to the same period last year.
Gross profit increased by 5.2 percent to $527 million compared to $501 million for the first quarter of fiscal 2010.
The company reported a consolidated loss from continuing operations of $165 million, compared to $202 million for the first quarter of fiscal 2010.
"We posted our fourth consecutive quarter of sales growth despite prolonged economic headwinds. The growth was driven by our associates' intense focus on serving customers in our core markets, sales initiative execution in adjacent markets and specialization of activities to further penetrate specific customer segments," said Joe DeAngelo, CEO of HD Supply.
He added that the company saw some improvement in industrial and non-residential construction markets, but expects the residential construction market to remain challenging.
During the quarter, the company added a White Cap location in Nashville, and also completed the acquisition of Ramcso.
