HD Supply sales climb 17.7 percent
HD Supply reported net sales of $1.6 billion for the third quarter of fiscal 2018, an increase of 17.7 percent compared to the third quarter of fiscal 2017.
Organic sales growth was 9.4 percent.
Facilities Maintenance net sales increased $56 million, or 7.4 percent, to $810 million in the quarter, compared to $754 million for the third quarter of fiscal 2017.
Construction & Industrial net sales increased $186 million, or 30.1 percent, to $803 million, compared to $617 million for the third quarter of fiscal 2017. Organic sales growth was approximately 11.8 percent.
"I couldn’t be more proud of the team’s performance in the third quarter. We continued to see both businesses deliver impressive sales growth and have successfully enhanced our capital structure through strategic refinancing and opportunistic share repurchases," said Joe DeAngelo, chairman and CEO. “I am also delighted to announce that on November 30, 2018, the Board of Directors authorized a new $500 million share repurchase program, bringing our total authorization to $1.5 billion since 2017.”
Net income decreased $370 million, or 81.9 percent, to $82 million for the quarter, compared to $452 million for the third quarter of fiscal 2017. Net income in the third quarter of fiscal 2017 included $406 million of Income from discontinued operations, net of tax.
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.
