HD Supply Q4 Loss Narrows - Quick Facts

(RTTNews) - HD Supply Holdings Inc. (HDS) said that its net loss for the fourth-quarter of fiscal 2013 narrowed to $66 million or $0.34 per share from $713 million or $5.46 per share in the fourth-quarter of fiscal 2012.

The latest-quarter result included a $12 million restructuring charge. The prior year quarter result included a $489 million loss on extinguishment and modification of debt and a $152 million impairment charge.

Adjusted net income for the fourth-quarter was breakeven, compared to an Adjusted net loss of $80 million in fiscal 2012. Adjusted net income per share in fiscal 2013 was breakeven, as compared to an Adjusted net loss per share of $0.61 in fiscal 2012.

Net Sales for the fourth-quarter dropped to $1.929 billion from last year's $1.974 billion.

Net sales for the fourth-quarter of fiscal 2013 were $1.9 billion, an increase of $125 million, or 6.9 percent, as compared to fourth-quarter fiscal 2012 As Adjusted. Organic sales growth was 6.7 percent in the fourth-quarter of fiscal 2013, as compared to fourth-quarter fiscal 2012 As Adjusted.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share and revenues of $1.92 billion for the fourth-quarter. Analysts' estimates typically exclude special items.

Preliminary Net sales in February were $609 million, which represents 4 percent average daily sales growth versus prior year. Preliminary February year-over-year average daily sales growth by business was: Facilities Maintenance 10 percent, Waterworks 2 percent, Power Solutions (4) percent and White Cap 9 percent.

"The February results were impacted by adverse winter weather experienced through much of the country. We are staying focused on controllable execution and building momentum for our spring selling season," stated Joe DeAngelo, CEO of HD Supply.

The company said it has developed a flexible framework to provide a perspective of its current outlook for 2014 sales and earnings performance. The company intends to share the specific elements of this framework on its fiscal 2013 fourth-quarter and full-year conference call, which will include an outlook for each end market, as well as the growth rate targets in excess of estimated end market growth by business unit.

In addition, the company said it will provide an operating leverage framework for each business unit. The company also intends to share commentary and an outlook regarding its fiscal 2014 first-quarter performance.