- Net sales increased 10 percent to $2.3 billion
- Operating income improved 46 percent to $150 million
- Adjusted EBITDA increased 14 percent to $218 million
- $946 million of liquidity
ATLANTA, Sept. 9, 2013 (GLOBE NEWSWIRE) -- HD Supply Holdings, Inc. (Nasdaq:HDS), one of the largest industrial distributors in North America, today reported net sales for the second quarter of fiscal 2013 ended August 4, 2013 of $2.3 billion, an increase of $198 million, or 10 percent, as compared to the second quarter of fiscal 2012. Gross profit for the second quarter of fiscal 2013 increased by $67 million, or 11 percent, to $661 million compared to $594 million for the second quarter of fiscal 2012. Gross profit for the second quarter of fiscal 2013 was 29.3 percent of net sales compared to 28.8 percent of net sales for the second quarter of fiscal 2012.
Business and Financial Highlights
- Continued net sales growth in all four of the Company's largest businesses: Facilities Maintenance, Waterworks, Power Solutions, and White Cap.
- Achieved 14 percent Adjusted EBITDA growth while simultaneously investing in the Company's future growth, including:
- Distribution center expansions and additional associates to support growth initiatives in the Facilities Maintenance business;- Sales training enhancements and investments in storm drainage, meters, plant works and fusible plastics in the Waterworks business; - Branch expansions, a new location serving oil and gas activities, and additional category management and marketing associates in the Power Solutions business; and, - New dedicated safety catalog and additional sales associates in the White Cap business
- Completed an initial public offering of approximately 61 million shares of common stock, resulting in proceeds of approximately $1.0 billion, net of underwriters' discounts and offering expenses; net proceeds were used to redeem all $950 million of HD Supply, Inc.'s outstanding 10.50% Senior Subordinated Notes due 2021.