Monday, June 14, 2010

HD Supply sales drop 5.7 percent

HD Supply has reported a $202 million loss for the first quarter, which includes an $84 million non-cash charge.
Sales for the quarter dropped 5.7 percent to $1.8 billion.

HD Supply recorded a $10 million profit for the same quarter in 2009.

The company restructured more than $3 billion in debt during the quarter.

“I am exceptionally proud of the HD Supply teams’ execution and although our industry remains challenged, we are beginning to see signs of recovery,” Joe DeAngelo, HD Supply CEO, said in a prepared news release. “Our growing liquidity and the extension of the majority of our debt maturities to 2014 enables continued investment in our business to accelerate future profitable growth. Our teams are intensely focused on earning new business and providing outstanding service to our customers.”

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