HD Supply Holdings Inc. (NASDAQ:HDS) was out with full-year results after the close of business Monday.
The Atlanta-based HD, one of the largest industrial distributors in North America, reported net sales of $6.0 billion in fiscal 2018 ended February 3, 2019, an increase of $926 million, or 18.1% as compared to fiscal 2017.
Organic sales growth, net of the change in selling days, was 9.2% in fiscal 2018, as compared to fiscal 2017.
According to CEO Joe DeAngelo, "We delivered strong organic growth throughout the year, seamlessly integrated the A.H. Harris business and repurchased 15.5 million shares of common stock."
Gross profit increased $342 million, or 16.8%, to $2,375 million in fiscal 2018, as compared to $2,033 million in fiscal 2017. Gross profit was 39.3% of net sales in fiscal 2018, a decrease of approximately 40 basis points from 39.7% 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 amounted to 12% of net sales in fiscal 2018, an increase of approximately 10 basis points from 11.9% 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 $732-million gain in fiscal 2017, net of $197 million of tax, on the sale of its Waterworks business unit.
Share prices advanced 34 cents Tuesday morning to $43.46
