Losses narrow, sales gain at HD Supply

HD Supply reported net sales for its second fiscal quarter of $2.06 billion, an increase of 10.1% over sales of $1.87 billion in the same quarter of 2011. Net loss for the quarter, which ended July 29, 2012, was $56 million, compared with $101 million a year ago. 

Highlights of the quarter include the June 2012 acquisition of Peachtree Business Products, a Marietta, Ga., company that provides customizable business and property marketing supplies to residential and commercial property managers, medical facilities, schools and universities, churches and funeral homes. Peachtree is being operated as part of HD Supply’s Facilities Maintenance business.

According to the company, net sales and adjusted EBITDA grew in all four of the company’s core businesses: Facilities Maintenance, Waterworks, Power Solutions (formerly Utilities/Electrical) and White Cap. Loss from continuing operations for the second quarter of fiscal 2012 was $56 million, an improvement of $45 million as compared with the second quarter of fiscal 2011.

“Over the last two years, we’ve experienced substantive net sales and adjusted EBITDA growth, and that trend has continued into the first half of fiscal 2012,” said Joe DeAngelo, CEO of HD Supply.  “We’re excited with the recent purchase of Peachtree Business Products, a niche, bolt-on acquisition that brings even further scale and product depth for our Facilities Maintenance business. As we seek to grow our business in both organic and inorganic ways, our focus remains relentless on deepening our customers’ experience and relationships.”

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