HD Supply Holdings, Inc. (HDS), Atlanta, reported net sales of $1.4 billion for the second quarter of fiscal 2017 ended July 30, 2017, an increase of $69 million, or 5.4%, compared to the second quarter of fiscal 2016. Gross profit increased $26 million, or 5.1%, to $539 million for the quarter from the same quarter in 2016. Gross profit was 39.9% of sales, down approximately 10 basis points.
“In our second quarter of 2017, we stepped up our execution to improve performance. We met our revised net sales and adjusted EBITDA targets for the second quarter and recommitted to our full year guidance. Following the sale of our Waterworks business, we have achieved our targeted capital structure of 2.0x to 3.0x financial leverage and are committed to delivering profitable growth in excess of market,” said Joe DeAngelo, chairman, president and CEO of HD Supply.