Sales rise at HD Supply

HD Supply has reported net sales for its fiscal 2010 fourth quarter of $1.7 billion, a 6.7% rise over sales in the fourth quarter of fiscal 2009. Operating loss for the quarter, which ended Jan. 30, 2011, was $11 million, compared with $87 million in the fourth quarter of fiscal 2009.

For the full year, net sales for fiscal 2010 were $7.5 billion, an increase of 0.8% over the full year of fiscal 2009. Operating income in fiscal 2010 was $32 million, an increase of $354 million compared with the full year of fiscal 2009, which included a $224 million pre-tax goodwill impairment charge. Excluding the goodwill impairment charge in fiscal 2009, adjusted operating income for fiscal 2010 increased $130 million compared with fiscal 2009. 

In a prepared statement, company CEO Joe DeAngelo addressed the company’s liquidity, which increased $426 million during the fiscal year, resulting in $1.3 billion at the end of the fourth quarter.

“In 2010, our associates’ continued focus on our customers, and our significant investments in the company to accelerate sales and growth momentum enabled us to gain market share and report year-over-year improved financial results, the first since 2007,” DeAngelo said. “Furthermore, our liquidity remains very strong, which allows us to meet our commitments and continuously invest in profitable growth.”

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