HD Supply sales rise by 7 percent
HD Supply reported 3Q net sales of $2.3 billion, an increase of 7 percent compared to the third quarter of fiscal 2012.
Organic sales growth was 6 percent versus prior year. The third quarter performance represents the fourteenth consecutive quarter of year-over-year sales growth with continued growth in Facilities Maintenance, Waterworks, Power Solutions and White Cap.
“I was very pleased with our solid performance this quarter driven by the execution of our growth initiatives,” said Joe DeAngelo, CEO of HD Supply. “We delivered this performance despite continued sluggishness in non-residential, moderated growth in residential and increased uncertainty in our infrastructure markets.”
Net income for the quarter improved to $51 million compared to a net loss of $50 million for the third quarter of fiscal 2012.
Adjusted net income increased $65 million in the third quarter of fiscal 2013 to $75 million as compared to $10 million in the third quarter of fiscal 2012. The increase in Adjusted net income is attributable to sales growth, improving gross margins, and a reduction in interest expense. Adjusted net income per diluted share in the third quarter of fiscal 2013 was 38 cents per share, as compared to 7 cents in the third quarter of fiscal 2012.
Facilities Maintenance net sales increased $23 million, or 4 percent, to $610 million in the quarter.
Waterworks net sales increased $80 million, or 14 percent, to $633 million.
Power Solutions net sales increased $4 million, or 1 percent, to $472 million.
White Cap net sales increased $34 million, or 11 percent, to $352 million.
Net sales for the first nine months of fiscal 2013 increased $581 million, or 10 percent to $6.6 billion, as compared to $6.0 billion the first nine months of fiscal 2012. Net loss for the first nine months of fiscal 2013 was $152 million, which included an $87 million loss on extinguishment and modification of debt. Net loss for the first nine months of fiscal 2012 was $466 million, which included a $220 million loss on extinguishment and modification of debt.
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.
