HD Supply, Inc. today reported net sales for the fiscal 2012 second quarter ended July 29, 2012 of $2.1 billion, an increase of $184 million, or 9.8%, as compared to the second quarter of fiscal 2011.
Gross profit for the second quarter of fiscal 2012 increased by $61 million, or 11.4%, to $594 million compared to $533 million for the second quarter of fiscal 2011. Gross profit for the second quarter of fiscal 2012 was 28.8% of net sales compared to 28.4% of net sales for the second quarter of fiscal 2011.
Operating income for the second quarter of fiscal 2012 was $103 million, an improvement of $37 million compared to operating income of $66 million for the second quarter of fiscal 2011. The improvement in operating income reflects sales growth of 9.8% and an approximately 110 basis point decline in operating expenses as a percent of net sales. Loss from continuing operations for the second quarter of fiscal 2012 was $56 million, an improvement of $45 million as compared to the second quarter of fiscal 2011.
“Over the last two years, we’ve experienced substantive net sales and Adjusted EBITDA growth, and that trend has continued into the first half of fiscal 2012,” stated Joe DeAngelo, CEO of HD Supply. “We’ve created new, sustainable revenue opportunities with existing and new customers that have become key drivers for our continued growth.”
Net sales and Adjusted EBITDA growth were recorded in all four of the company’s core businesses: Facilities Maintenance, Waterworks, Power Solutions (formerly Utilities/Electrical), and White Cap, its construction segment.
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