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HD Supply Inc., Atlanta, GA, reported sales for the fiscal 2011 first quarter ended May 1, 2011, of $1.9 billion, up 4.9 percent from the prior-year period.
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Loss from continuing operations before income taxes was $145 million in the first quarter of fiscal 2011, an improvement of $35 million as compared with the first quarter of fiscal 2010.
Consolidated loss from continuing operations for the first quarter of fiscal 2011 was $165 million, compared with a loss from continuing operations of $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.
“We experienced some improvement in our industrial and non-residential construction markets, but expect the residential construction market to remain challenging."
In the quarter, HD Supply expanded its White Cap Construction Supply geographic footprint to Nashville, TN, bringing that segment's network to 132 branches in 29 states. It is the first time HD Supply has increased its overall location count since 2007.
The distributor also completed the acquisition of RAMSCO, strengthening its Waterworks business in the Northeast.
Gross profit for the first quarter fiscal 2011 increased by $26 million, or 5.2 percent, to $527 million compared to $501 million for the first quarter of fiscal 2010. Gross profit for the first quarter of fiscal 2011 was 27.9 percent of net sales versus 27.8 percent of net sales for the first quarter of fiscal 2010.
Operating income for the first quarter of fiscal 2011 was $12 million, an improvement of $33 million compared to an operating loss of $21 million for the first quarter of fiscal 2010.
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