HD Supply sales up 0.3 percent
HD Supply Holdings reported net sales of $827.5 million for the third quarter of fiscal 2020 increased 0.3 percent compared to $825.2 million in the third quarter of fiscal 2019.
Net income increased to $1,608.2 million for the quarter, compared to $131.9 million for the third quarter of fiscal 2019. The increase was primarily due to the gain on the sale of the Construction & Industrial business. Net income per diluted share increased $9.26 to $10.06, compared to 80 cents for the third quarter of fiscal 2019.
On Oct. 19, HD Supply completed the sale of its Construction & Industrial business and received cash proceeds of approximately $2.8 billion, net of transaction cost payments of approximately $34.9 million. In the three and nine months ended Nov. 1, the company recognized a gain on the sale of approximately $1.5 billion, net of tax of $257.1 million.
Preliminary net sales in November 2020 were approximately $222.0 million, which represents a year-over-year average daily increase of approximately 2.9 percent. There were 18 selling days in both November 2020 and November 2019.
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.
