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HD Supply, Inc., Atlanta, GA, No. 2 on MDM's list of the top 40 industrial distributors reported sales for the third quarter ended Oct. 31, 2010, were $2 billion, an increase of 3.2 percent compared to the third quarter of fiscal 2009. The company recorded a net loss of $99 million for the period, compared to a net loss of $267 million a year ago.
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"In the face of continued economic headwinds, the third quarter's improved results reflect HD Supply's initiatives to accelerate sales and grow market share with unparalleled customer service," CEO Joe DeAngelo said. "These measurable results and the teams' corresponding profitable growth momentum position the company well for immediate and long-term success."
For the first nine months, sales were $5.8 billion, a decline of 0.8 percent compared to the first nine months of fiscal 2009. Net loss was $416 million, compared to the prior year period loss of $346 million.
In the third quarter of fiscal 2009, HD Supply initiated a plan to restructure its businesses, which included closing or consolidating 25 branches and reduce workforce personnel by 500 employees. As of Oct. 31, 2010, the company has completed the closure of the expected 25 branches and reduced workforce personnel by approximately 475 employees. HD Supply expects to incur less than $1 million in remaining charges related to the restructuring during the fourth quarter of fiscal 2010.
HD Supply is one of the largest diversified wholesale distributors in North America, with 765 locations.