Losses continued for wholesale distributor HD Supply, even as its sales increased.
The company said it gained market share, as net sales for the fourth quarter of 2010 increased 6.7 percent, to $1.7 billion, as compared to the fourth quarter of 2009. For the year, HD Supply saw net sales of $7.5 billion, a .8 percent increase over 2009.
But the company lost $203 million in the fourth quarter and $619 million in 2010, $105 million more than it had in 2009.
CEO Joe DeAngelo said in a statement that the company's liquidity is strong, allowing HD Supply to invest in profitable growth. He also noted that the company has seen some improved year-over-year financial results for the first time since 2007. Operating losses were $11 million for the quarter ended Jan. 31, down from $98 million for the same period a year ago.
For the year, HD Supply gained $32 million from operations; it lost $322 million last year.
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