HD Supply, the Atlanta-based heavy-duty construction products wholesaler, reported first quarter net sales of $2.16 billion, up 6% from the first quarter last year.
“I am pleased with our solid performance this quarter, despite the adverse impact of the severe weather we experienced throughout February and March. We remain cautiously optimistic that our end markets will continue to build on the emerging strength that we are seeing in select geographies,” stated Joe DeAngelo, CEO of HD Supply. “We remain focused on controllable execution to deliver profitable growth in excess of our market.”
The industrial distributor that was once a division of The Home Depot narrowed its loss considerably in the quarter to $12 million, improved from a net loss of $131 million in the year ago period.
The company’s Construction & Industrial - White Cap division saw sales increase 11% to $344 million.
The company anticipates total net sales in the second quarter of fiscal 2014 to be in the range of $2.35 billion to $2.45 billion.
HD Supply serves the industrial market through some 650 locations and across 48 states and seven Canadian provinces.