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.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
