HD Supply 2Q sales increase but company reports net loss

HD Supply, Atlanta, reported net sales for the 2010 fiscal second quarter ended August 1, 2010 of $2 billion, an increase of $1 million compared to the second quarter of fiscal 2009. Consolidated net loss for the second quarter of fiscal 2010 was $115 million, compared to a net loss of $89 million for the same period in fiscal 2009. Excluding the 2010 and 2009 charges for valuation allowances, the net loss of $82 million in the second quarter of fiscal 2010 compares with a net loss of $85 million in the second quarter of fiscal 2009.

“As we enter the second half of this year, we are beginning to see signs of economic and industry stabilization and are cautiously optimistic," said Joe DeAngelo, CEO, HD Supply. "We continue to invest in the critical growth areas for our business that will uniquely position HD Supply to grow faster than the markets as they recover. Over the past six months, we have enhanced our product mix, continued to improve our operational efficiencies and have made critical investments in our technology systems.” Details