HD Supply Sales Increase 159% in Third Quarter
HD Supply, Home Depot's fast-growing wholesale division, reported sales increased 159% to $3.5 billion in the third quarter. HD Supply accounted for about 15% of The Home Depot's overall sales.
HD Supply organic growth was 7 percent, due to the slowdown in residential construction.
Overall sales for The Home Depot were boosted by the supply sector, but otherwise were softer than expected, at $23.1 billion, an 11.3% increase from the same period a year ago. Total sales in the retail segment grew 1.1% to $19.7 billion. Comparable store sales declined 5.1%.
Bob Nardelli, chairman, president & CEO said: "Our sales performance was softer than we anticipated, but I believe we are making the right decisions to strengthen our core retail business and build our HD Supply ...