HD Supply Holdings Inc (NASDAQ: HDS) shares advanced after the company posted stronger-than-expected results for its first quarter.
The Atlanta-based reported net sales of $1.4 billion for the first quarter of fiscal 2018 ended April 29, 2018, an increase of $173 million, or 14.2%, as compared to the first quarter of fiscal 2017. Organic sales growth for the first quarter of fiscal 2018 was 9.9%, as compared to the first quarter of fiscal 2017.
Gross profit increased $68 million, or 14%, to $552 million for the first quarter of fiscal 2018, as compared to $484 million for the first quarter of fiscal 2017. Gross profit was 39.7% of net sales for the first quarter of fiscal 2018, down approximately 10 basis points from 39.8% for the first quarter of fiscal 2017.
Net income increased $4 million, or 4.7%, to $89 million for the first quarter of fiscal 2018, as compared to $85 million for the first quarter of fiscal 2017.
Said CEO Joe DeAngelo, "I am proud of the team’s performance in the first quarter. Despite difficult weather conditions in many regions, we delivered impressive sales growth of 14%"
Adjusted net income increased $50 million, or 62.5%, to $130 million for the first quarter of fiscal 2018 as compared to $80 million for the first quarter of fiscal 2017. Adjusted net income per diluted share was $0.70 in the first quarter of fiscal 2018, as compared to $0.39 in the first quarter of fiscal 2017.
HD shares leaped $1.65, or 4%, to $43.09
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