Atlanta, GA-based HD Supply, Inc., No. 2 on MDM’s list of top industrial distributors, reported sales for the second quarter ended July 31, 2011, of $2.2 billion, an increase of 10 percent over the second quarter of fiscal 2010. The company recorded a net loss for the period of $101 million, compared with a year-ago net loss of $115 million.
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For the first six months of the fiscal year, sales were $4 billion, up 7.5 percent over the same period a year ago. Net loss for the first half of the year was $265 million, compared with a loss of $317 million for the first six months of fiscal 2010.
\”The second quarter results marked the companys fifth consecutive quarter of sales growth and each of our business sectors [Infrastructure & Energy, Specialty Construction and Maintenance, Repair & Improvement] reported year-over-year sales growth for the quarter,\” CEO Joe DeAngelo said. \”During the second quarter, sales initiatives, continued focus on margin expansion and cost control resulted in the highest quarterly operating income since the second quarter of fiscal 2008.\”
Operating income for the second quarter of fiscal 2011 was $73 million, an improvement of $46 million compared to the second quarter of fiscal 2010.
During the second quarter, HD Supply continued to expand both its virtual and physical presence in key markets. The company launched the HD Supply Facilities Maintenances mobile-enabled e-commerce website, hdsupplysolutions.com. In addition, HD Supply Waterworks completed the acquisition of Rexford Albany Municipal Supply Company, Inc. (RAMSCO), expanding for the first time into the state of New York.
The sale of HD Supply’s plumbing/HVAC business to Hajoca, announced Aug. 25, 2011, is expected to close in September and be reflected as discontinued operations beginning in the third quarter of fiscal 2011.
