This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Operating Income improved 18 percent to $119 million
Adjusted EBITDA increased 15 percent to $190 million
Adjusted Net Income per diluted share increased $0.31 to $0.20 (Net Loss per diluted share of $0.06)
ATLANTA, June 10, 2014 (GLOBE NEWSWIRE) -- HD Supply Holdings, Inc. (Nasdaq:HDS), one of the largest industrial distributors in North America, today reported Net sales for the first quarter of fiscal 2014 ended May 4, 2014 of $2.2 billion, an increase of $113 million, or 6 percent, as compared to the first quarter of fiscal 2013. The first quarter performance represents the sixteenth consecutive quarter of year-over-year average daily sales growth. The company believes its sales performance represents growth of approximately 400 basis points in excess of its market growth estimate.
"I am pleased with our solid performance this quarter, despite the adverse impact of the severe weather we experienced throughout February and March. We remain cautiously optimistic that our end markets will continue to build on the emerging strength that we are seeing in select geographies," stated Joe DeAngelo, CEO of HD Supply. "We remain focused on controllable execution to deliver profitable growth in excess of our market."
Gross profit increased $38 million, or 6 percent, to $631 million for the first quarter of fiscal 2014 compared to $593 million for the first quarter of fiscal 2013. Gross profit was 29.2 percent of Net sales for the first quarter of fiscal 2014, up approximately 20 basis points from 29.0 percent of Net sales for the first quarter of fiscal 2013. Gross profit improvement was driven by execution of the company's category management initiatives and mix of products and services.
Operating income increased $18 million, or 18 percent, to $119 million for the first quarter of fiscal 2014 compared to $101 million for the first quarter of fiscal 2013. Operating income as a percentage of Net sales increased approximately 60 basis points during the first quarter of fiscal 2014 as compared to the first quarter of fiscal 2013. The improvement was primarily driven by a reduction in selling, general and administrative expenses as a percentage of Net sales and improvements in gross margins.