Iillustration 19276996 / Dirk Erck / Dreamstime
Illustration 60886103 / Kheng Ho To /Dreamstime
Illustration 19276996 / Dirk Erck / Dreamstime

HD Supply reports improving financial picture for 4Q 2011 and full-year 2011

March 7, 2012
HD Supply Inc. Atlanta, enjoyed some sizeable gains in its 4Q and full-year 2011 net sales and gross profit but still registered losses from continuing operations during both time periods. The company reported net sales for the fiscal 2011 fourth ...

HD Supply Inc. Atlanta, enjoyed some sizeable gains in its 4Q and full-year 2011 net sales and gross profit but still registered losses from continuing operations during both time periods.

The company reported net sales for the fiscal 2011 fourth quarter ended Jan. 29, of $1.8 billion, an increase of $236 million, or 14.8%, as compared to the fourth quarter of fiscal 2010. Gross profit for the fourth quarter of fiscal 2011 increased by $70 million, or 15.4 percent, to $525 million compared to $455 million for the fourth quarter of fiscal 2010.

The company's net sales for the fiscal year ended Jan. 29 were $7.7 billion, an increase of $709 million, or 10.1%, compared to the fiscal year ended Jan. 30, 2011. Gross profit for fiscal 2011 increased by $210 million, or 10.7%, to $2.2 billion compared to $2 billion for fiscal 2010. In HD Supply's fiscal 2011, its loss from continuing operations before income taxes was $440 million, an improvement of $116 million as compared to fiscal 2010. Loss from continuing operations for fiscal 2011 was $519 million, compared to a loss from continuing operations of $584 million for fiscal 2010.

Joe DeAngelo, CEO of HD Supply, said in the press release, “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. We're pleased with our 2011 financial performance, which is a tangible result of the strategic measures taken in prior quarters to sharpen and strengthen our portfolio. This momentum has continued, with double-digit, year-over-year sales growth in Feb. 2012.”