ATLANTA, GA – HD Supply Holdings, Inc. (NASDAQ: HDS) has reported net sales for the third quarter of fiscal 2013 ended November 3, 2013 of $2.3 billion, an increase of $151 million, or 7 percent, as compared to the third quarter of fiscal 2012. Organic sales growth was 6 percent versus prior year. The third quarter performance represents the fourteenth consecutive quarter of year-over-year sales growth with continued growth in Facilities Maintenance, Waterworks, Power Solutions and White Cap. The company believes its sales performance represents growth of approximately 400 basis points in excess of its estimate of market growth.
“I was very pleased with our solid performance this quarter driven by the execution of our growth initiatives,” stated Joe DeAngelo, CEO of HD Supply. “We delivered this performance despite continued sluggishness in non-residential, moderated growth in residential and increased uncertainty in our infrastructure markets. We continue our strategy of investing for growth while, at the same time, ensuring that our cost structure is appropriately aligned for uncertain markets.”
Gross profit for the third quarter of fiscal 2013 increased by $52 million, or 8 percent, to $668 million compared to $616 million for the third quarter of fiscal 2012. Gross profit for the third quarter of fiscal 2013 was 29.1 percent of net sales, up 40 basis points, from 28.7 percent of net sales for the third quarter of fiscal 2012.
Operating income for the third quarter of fiscal 2013 increased by $46 million, or 40 percent, to $160 million compared to $114 million for the third quarter of fiscal 2012. The improvement was due to higher net sales and gross profit and a reduction in depreciation and amortization expense.
Net income for the third quarter of fiscal 2013 improved $101 million to $51 million compared to a Net loss of $50 million for the third quarter of fiscal 2012.
Promotion of Evan Levitt to Chief Financial Officer
HD Supply further announces the promotion of Evan Levitt to Chief Financial Officer, effective December 11, 2013, assuming the role from Ron Domanico who will be retiring, effective April 17, 2014. Levitt has served as the company’s Vice President and Corporate Controller since 2007. Prior to joining HD Supply in 2007, Levitt served as the assistant controller and director of financial reporting at The Home Depot from 2004 to 2007.
“Evan has been an integral part of the management team that brought HD Supply through its debt restructurings and subsequent IPO. His extensive knowledge of our company and industry, together with his strong rapport with the field teams will continue to be a tremendous asset for our management team moving forward,” said Joe DeAngelo, CEO of HD Supply. “Everyone at HD Supply thanks Ron for his outstanding contributions to the company.”Tagged with tED