HD Supply Reports 1Q Results

ATLANTA -- HD Supply, Inc. today reported net sales for the fiscal 2011 first quarter ended May 1, 2011 of $1.9 billion. Despite unfavorable weather conditions and continued weakness in the construction industry, during the first quarter of fiscal 2011, net sales increased $88 million, or 4.9 percent, compared to the first quarter of fiscal 2010.

ATLANTA -- HD Supply, Inc. today reported net sales for the fiscal 2011 first quarter ended May 1, 2011 of $1.9 billion. Despite unfavorable weather conditions and continued weakness in the construction industry, during the first quarter of fiscal 2011, net sales increased $88 million, or 4.9 percent, compared to the first quarter of fiscal 2010. Gross profit for the first quarter fiscal 2011 increased by $26 million, or 5.2 percent, to $527 million compared to $501 million for the first quarter of fiscal 2010.

Gross profit for the first quarter of fiscal 2011 was 27.9 percent of net sales versus 27.8 percent of net sales for the first quarter of fiscal 2010.

Operating income for the first quarter of fiscal 2011 was $12 million, an improvement of $33 million compared to an operating loss of $21 million for the first quarter of fiscal 2010. Operating income is normally the weakest in the first and fourth quarters due to seasonality of the construction industry. Operating income is positive in the first quarter of fiscal 2011 for the first time since 2008.

Loss from continuing operations before income taxes was $145 million in the first quarter of fiscal 2011, an improvement of $35 million as compared to the first quarter of fiscal 2010. Consolidated loss from continuing operations for the first quarter of fiscal 2011 was $165 million, compared to a loss from continuing operations of $202 million for the first quarter of fiscal 2010.

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