HD Supply Q1 profits, sales on the rise
Construction and industrial sales grow 8.3% in first quarter.
HD Supply Holdings, the industrial products distributor, reported first quarter 2019 net sales increased 7.5% to $1.5 billion from sales of $1.4 billion for the same period in 2018.
Organic sales growth for the first quarter of fiscal 2019 was 5.8%.
The Atlanta-based company also reported a net income of $107 million for the quarter, up more than 20% from a net income of $89 million for the first quarter last year.
Facilities maintenance sales rose 6.8% to $772 million in the first quarter compared to $723 million for the first quarter 2018.
Construction and industrial sales were 8.3% to $721 million for the period from sales of $666 million during the corresponding quarter a year ago.
The bottom line: First quarter sales rise 7.5% to $1.5 billion as profits grow over 20% to $89 million.
What the CEO said: “The team overcame significant unfavorable weather in February to deliver on our promises during the first quarter of 2019,” said Joe DeAngelo, chairman and CEO of HD Supply. “In this current dynamic environment, we are intensely focused on what we can control, delivering profitable growth and executing on our capital allocation strategy.”
Company info: Read HD Supply’s full first quarter 2019 report here.
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