HD Supply Hits $12.07B in 2006
February 20, 2007HD Supply reported sales of $12.07 billion in fiscal 2006, an increase of 161.6% over 2005. Most of that growth was driven by the almost $4 billion in acquisitions made in the past year.
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HD Supply bought diversified distributor Hughes Supply last year at a premium of $3.4 billion. Hughes had sales of $5.4 billion in 2005.
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In 2006, the retail division had sales of $79 billion, up 2.6%.
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Overall, sales at The Home Depot were $90.8 billion, 11.4% over last year, with profit at $5.8 billion. Comparable store sales for the year were down 2.8%.
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In the fourth quarter 2006, sales for HD Supply grew by 64.4% to $2.9 billion, reflecting sales from acquisitions.
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HD Supply reported sales of $12.07 billion in fiscal 2006, an increase of 161.6% over 2005. Most of that growth was driven by the almost $4 billion in acquisitions made in the past year.
;
HD Supply bought diversified distributor Hughes Supply last year at a premium of $3.4 billion. Hughes had sales of $5.4 billion in 2005.
;
In 2006, the retail division had sales of $79 billion, up 2.6%.
;
Overall, sales at The Home Depot were $90.8 billion, 11.4% over last year, with profit at $5.8 billion. Comparable store sales for the year were down 2.8%.
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In the fourth quarter 2006, sales for HD Supply grew by 64.4% to $2.9 billion, reflecting sales from acquisitions.
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Home Depot had a slow fourth quarter, with profit falling 28% to $925 million from $1.3 billion last year, thanks to a slowing housing market. Sales in the fourth quarter were $20.3 billion overall, up just 4%. Comparable store sales dropped 6.6%.
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Reflecting the challenging housing market, our 2006 retail results were disappointing, said CEO Frank Blake. We may not be able to impact the housing market or general economic conditions, but we know that we can improve our performance relative to our overall market share. That will be a central point of emphasis for us in 2007 and beyond."
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Blake has in recent weeks promised to refocus on the retail business. Home Depot announced it would consider "strategic alternatives" for its HD Supply business, including a possible sale of the wholesale division.
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At the end of the fourth quarter, Home Depot operated 2,147 retail stores, including 1,872 U.S., 155 in Canada, 61 in Mexico, and 12 in China. The company also operates 34 EXPO Design Center locations, 11 Landscape Supply stores, and two HD Floor Stores. Its wholesale division has about 1,000 locations in the U.S. and Canada.
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Watch mdm.com for coverage of Home Depot's annual investor conference, Feb. 28.
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Related Links:
HD to Evaluate "Strategic Alternatives" for HD Supply Business ;
Home Depot Reaches $81.5B in Sales in 2005
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