HD Supply Reports 1Q Loss
HD Supply reported a total of $1.8 billion in net sales for the first quarter of fiscal 2010, a 5.7 percent decline compared to the same time last year. The operating loss during this period was $4 million less from the previous year, $21 million compared with $25 million in the first quarter of 2009. Liquidity at the end of the first quarter of fiscal 2010 was $1.2 billion, an increase of approximately $275 million versus the end of fiscal 2009.
Consolidated net loss for the first quarter of fiscal 2010 was $202 million, compared to net income of $10 million for the same period in fiscal 2009. Net loss in the first quarter of fiscal 2010 included an $84 million non-cash charge to increase the valuation allowance against the Company’s deferred tax assets.
Excluding the 2010 and 2009 charges for valuation allowances and the 2009 gain from the debt extinguishment, net loss of $118 million in the first quarter of fiscal 2010 compares with a net loss of $111 million in the first quarter of fiscal 2009.
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