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Net Sales increased 7 percent to $2.3 billion; 14 th consecutive quarter of year-over-year growth
Operating Income improved 40 percent to $160 million
Adjusted EBITDA increased 11 percent to $226 million
Adjusted Net Income per diluted share of $0.38 (Net Income per diluted share of $0.26)
ATLANTA, Dec. 10, 2013 (GLOBE NEWSWIRE) -- HD Supply Holdings, Inc. (Nasdaq:HDS), one of the largest industrial distributors in North America, today reported net sales for the third quarter of fiscal 2013 ended November 3, 2013 of $2.3 billion, an increase of $151 million, or 7 percent, as compared to the third quarter of fiscal 2012. Organic sales growth was 6 percent versus prior year. The third quarter performance represents the fourteenth consecutive quarter of year-over-year sales growth with continued growth in Facilities Maintenance, Waterworks, Power Solutions and White Cap. The company believes its sales performance represents growth of approximately 400 basis points in excess of its estimate of market growth.
"I was very pleased with our solid performance this quarter driven by the execution of our growth initiatives," stated Joe DeAngelo, CEO of HD Supply. "We delivered this performance despite continued sluggishness in non-residential, moderated growth in residential and increased uncertainty in our infrastructure markets. We continue our strategy of investing for growth while, at the same time, ensuring that our cost structure is appropriately aligned for uncertain markets."
Gross profit for the third quarter of fiscal 2013 increased by $52 million, or 8 percent, to $668 million compared to $616 million for the third quarter of fiscal 2012. Gross profit for the third quarter of fiscal 2013 was 29.1 percent of net sales, up 40 basis points, from 28.7 percent of net sales for the third quarter of fiscal 2012. Gross profit improvement was driven by execution of our category management initiatives offset by the mix impact of lower gross margin businesses growing faster as well as the Crown Bolt year-over-year headwind which is estimated at approximately 20 basis points.