HD Supply Sales Up 7% in 3Q

HD Supply also announced the appointment of a new CFO.

HD Supply Holdings Inc. (NASDAQ: HDS), Atlanta, GA, reported sales for the third quarter of fiscal 2013 ended Nov. 3 of $2.3 billion, an increase of 7 percent compared to the same period a year ago. Organic sales grew 6 percent. Profit was $51 million, compared to a year-ago loss of $50 million.

Joe DeAngelo, CEO, said, “We delivered this performance despite continued sluggishness in non-residential, moderated growth in residential and increased uncertainty in our infrastructure markets. We continue our strategy of investing for growth while, at the same time, ensuring that our cost structure is appropriately aligned for uncertain markets.”

Facilities maintenance sales increased 4 percent to $610 million in the third quarter compared to the same period a year ago. Adjusted EBITDA increased 6 percent to $119 million compared to the third quarter of fiscal 2012.

Waterworks sales increased 14 percent to $633 million compared to the third quarter of fiscal 2012. Organic sales growth was just under 11 percent. Adjusted EBITDA increased 31 percent to $55 million.

Power solutions sales increased 1 percent to $472 million in the third quarter compared to the same period a year ago. Adjusted EBITDA was flat at $21 million.

White cap sales increased 11 percent to $352 million. Adjusted EBITDA increased 23 percent to $27 million.

For the first nine months, sales for HD Supply were $6.6 billion, an increase of 6 percent compared to the same period a year ago. Net loss was $152 million, which included $87 million in debt repayment. Net loss for the first nine months of fiscal 2012 was $466 million, which included $220 million in debt repayment.

HD Supply also announced the promotion of Evan Levitt to CFO, effective Dec. 11. He assumes the role from Ron Domanico, who will be retiring April 17, 2014. Levitt has served as the company’s vice president and corporate controller since 2007. Prior to joining HD Supply in 2007, Levitt served as the assistant controller and director of financial reporting at The Home Depot.

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