ATLANTA, GA -- HD Supply, Inc. reported a consolidated loss from continuing operations of $165 million during the first quarter of fiscal 2011, compared to a loss from continuing operations of $202 million for the first quarter of fiscal 2010. The company said net sales increased $88 million, or 4.9 percent, to $1.9 billion during the quarter, despite unfavorable weather conditions and continued weakness in the construction industry.
"We posted our fourth consecutive quarter of sales growth despite prolonged economic headwinds. The growth was driven by our associates' intense focus on serving customers in our core markets, sales initiative execution in adjacent markets and specialization of activities to further penetrate specific customer segments," stated Joe DeAngelo, CEO of HD Supply.
DeAngelo added, "We experienced some improvement in our industrial and non-residential construction markets, but expect the residential construction market to remain challenging. We expanded our White Cap geographic footprint to Nashville, which brings that segment's location network to 132 branches in 29 states. We now operate approximately 770 facilities across our business and it is the first time we have increased our location count since 2007. Subsequent to the close of the quarter, we completed the acquisition of RAMSCO, to further strengthen our Waterworks business in the Northeast. Furthermore, our strong liquidity allows us to continue to invest in organic growth initiatives as well as potential bolt-on acquisitions. We are keenly focused on exceeding our objectives to deliver exceptional performance to all of our stakeholders by being the distributor of choice."
About HD Supply
HD Supply (www.hdsupply.com) is a leading wholesale distribution company, providing a broad range of products and services to professional customers in the infrastructure & energy, maintenance, repair & improvement and specialty construction markets. With a diverse portfolio of industry-leading businesses, HD Supply is one of the largest diversified wholesale distributors in North America, with approximately 770 locations.