ATLANTA -- HD Supply, Inc. posted a loss from continuing operations of $376 million in the first quarter of fiscal 2012, which included a $220 million loss on extinguishment of debt. Excluding the loss on extinguishment of debt, the loss from continuing operations for the first quarter of fiscal 2012 improved $13 million as compared to the first quarter of fiscal 2011.
The company's reported net sales for the fiscal 2012 first quarter of $1.8 billion, an increase of $228 million, or 14.2 percent, as compared to the first quarter of fiscal 2011.
"I am exceptionally proud of our associates' strong execution and focus on customer success," stated Joe DeAngelo, CEO of HD Supply. "As a result of our team's dedication and performance excellence, we've had eight consecutive quarters of year-over-year sales growth. We have outstanding sales and EBITDA momentum in all of our businesses and have an uncompromised focus on growing our market share in our core leadership businesses. We've positioned HD Supply for future success by delivering quality products, providing outstanding customer service and strengthening our industry-leading businesses."
Mr. DeAngelo added, "As a result of the debt refinancing and sale of our IPVF business, we have added financial strength and flexibility to invest in future growth initiatives and explore future niche acquisition opportunities that will grow our portfolio and continue to enhance market share."
About HD Supply
HD Supply (www.hdsupply.com) is one of the largest industrial distribution companies in North America. Through a diverse portfolio of industry-leading businesses and more than 80 years of experience, the company provides a broad range of products and services to approximately 440,000 professional customers in the infrastructure and energy, maintenance, repair and improvement, and specialty construction markets. With approximately 640 locations across 45 states and nine Canadian provinces, the company's 14,000 associates provide localized, customer-driven services including jobsite delivery, will call or direct-ship options, diversified logistics and innovative solutions that contribute to its customers' success.