HD Supply posts loss
Atlanta-based HD Supply, a wholesale supplier of building products, continued to suffer from the economic downturn in the first quarter of 2010.
The company recorded a loss of $202 million for the quarter, compared to a $10 million profit in the first quarter of 2009. Sales for the quarter declined 5.7 percent to $1.8 billion.
One bright note: HD Supply was able to extend credit agreements for more than $3 billion in debt during the quarter.
“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,” HD Supply CEO Joe DeAngelo said in a statement, “Although our industry remains challenged, we are beginning to see signs of recovery.”
