HD Supply sales grow 18.1 percent in 2018
Q4 2018 sales grow 22.2 percent.
HD Supply Holdings, Inc. (NASDAQ: HDS), has reported Net sales of $6.0 billion in fiscal 2018 ended February 3, 2019, an increase of $926 million, or 18.1 percent, as compared to fiscal 2017. Fiscal 2018 consisted of 53 weeks, as compared to 52 weeks in fiscal 2017.
Organic sales growth, net of the change in selling days, was 9.2 percent in fiscal 2018, as compared to fiscal 2017.
"I couldn’t be more proud of the team’s performance in 2018. We delivered strong organic growth throughout the year, seamlessly integrated the A.H. Harris business and repurchased 15.5 million shares of common stock," stated Joe DeAngelo, Chairman and CEO of HD Supply. "I’d like to thank our associates for the exceptional service they provide to our customers every day."
Gross profit increased $342 million, or 16.8 percent, to $2,375 million in fiscal 2018, as compared to $2,033 million in fiscal 2017. Gross profit was 39.3 percent of Net sales in fiscal 2018, a decrease of approximately 40 basis points from 39.7 percent in fiscal 2017.
Operating income increased $116 million, or 19.1 percent, to $724 million in fiscal 2018, as compared to $608 million in fiscal 2017. Operating income was 12.0 percent of Net sales in fiscal 2018, an increase of approximately 10 basis points from 11.9 percent in fiscal 2017.
Net income decreased $576 million to $394 million in fiscal 2018, as compared to $970 million in fiscal 2017. The decrease in Net income was impacted by a fiscal 2017 $732 million gain, net of $197 million of tax, on the sale of the Waterworks business unit, partially offset by a $72 million non-cash charge as a result of the Tax Cuts and Jobs Act of 2017.
Net income per diluted share was $2.17 in fiscal 2018, as compared to $5.01 in fiscal 2017.
Adjusted EBITDA increased $140 million, or 19.2 percent, to $871 million in fiscal 2018, as compared to $731 million in fiscal 2017. Adjusted EBITDA was 14.4 percent of Net sales in fiscal 2018, an increase of approximately 10 basis points from 14.3 percent in fiscal 2017. The 53rd week in fiscal 2018 added approximately $13 million of Adjusted EBITDA.
Adjusted net income increased $172 million, or 38.5 percent, to $619 million in fiscal 2018, as compared to $447 million in fiscal 2017. Adjusted net income per diluted share increased $1.09, or 47.2 percent, to $3.40 in fiscal 2018, as compared to $2.31 in fiscal 2017. The 53rd week in fiscal 2018 added approximately $0.07 of Adjusted net income per diluted share.
Fourth-Quarter 2018 Results
Net sales increased $263 million, or 22.2 percent, to $1,446 million in fourth quarter 2018, as compared to the $1,183 million in fourth quarter 2017. The fourth quarter 2018 consisted of 14 weeks, as compared to 13 weeks in fourth quarter 2017.
Organic sales growth, net of the change in selling days, was 7.4 percent in fourth quarter 2018, as compared to fourth quarter 2017.
Gross profit increased $104 million, or 22.2 percent, to $572 million in fourth quarter 2018, as compared to $468 million in fourth quarter 2017. Gross profit was 39.6 percent of Net sales in fourth quarter 2018, flat versus fourth quarter 2017.
Learn more at www.hdsupply.com
CONTRACTOR SUPPLY MAGAZINE
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