HD Supply doubles losses as it retires debt

HD Supply's losses more than doubled for the company's first quarter, as the company retired $220 million of debt during the period.

The Atlanta-based industrial distribution company reported a net loss of $360 million for the quarter, compared to $164 million for the period a year ago. Without the debt charge, HD Supply’s results would have improved slightly over the prior year, but still would have resulted in a loss.

The company's net sales rose 14.2 percent in the quarter, to $228 million, and company profits rose. In the quarter, HD Supply completed the sale of its Industrial Pipes, Valves and Fittings business to Shale-Inland Holdings for about $469 million.

In a statement, HD Supply CEO Joe DeAngelo said the company has added "financial strength and flexibility" to invest in growth and explore acquisition opportunities.

"We’ve positioned HD Supply for future success," he said.

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