Sales rise at HD Supply

Building products wholesaler HD Supply reported $1.82 billion in net sales for the fourth quarter of fiscal 2011, a 14.8% increase over net sales of $1.59 billion for the same quarter of 2010.

Net loss for the quarter, which ended Jan. 29, 2012, was $173 million, compared with a net loss of $203 million in the same quarter of the prior fiscal year.

In full-year results, net sales for fiscal 2011 were $7.72 billion, a 10.1% increase compared with $7.01 billion in fiscal year 2010.

Operating income for fiscal 2011 was $199 million, an improvement of $133 million compared with operating income of $66 million for fiscal 2010. Net loss for fiscal 2011 was $543 million, compared with a net loss of $619 million in fiscal 2010.

“The HD Supply team delivered outstanding, full-year financial results,” said CEO Joe DeAngelo. “We reported our seventh consecutive quarter of year-over-year sales growth and the largest percentage sales increase since 2006 for both the quarter and full year. In addition, we reported our highest gross profit rate since 2005 and our best operating profit since 2007.”

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