Organic sales growth was 6 percent versus last year. The third quarter performance represented the 14th consecutive quarter of year-over-year sales growth with continued growth in Facilities Maintenance, Waterworks, Power Solutions and White Cap.
Gross profit for the third quarter 2013 increased by $52 million, or 8 percent, to $668 million compared to $616 million for third quarter 2012. Gross profit for third quarter 2013 was 29.1 percent of net sales from 28.7 percent of net sales for third quarter 2012.
Operating income for the third quarter 2013 increased by $46 million, or 40 percent, to $160 million compared to $114 million for the third quarter 2012. Operating income as a percentage of net sales increased approximately 170 basis points during third quarter 2013 as compared to the third quarter 2012.
Adjusted EBITDA increased $22 million, or 11 percent, during the third quarter 2013 as compared to third quarter 2012.
Net income for the third quarter 2013 improved by $101 million to $51 million compared to the net loss of $50 for the third quarter 2012. Adjusted net income increased $65 million in third quarter 2013 to $75 million as compared to $10 million in third quarter 2012.
As of Nov. 3, the combined liquidity of approximately $993 million was comprised of $120 million in cash and cash equivalents, and $873 million of additional available borrowings under HD Supply Inc's senior asset-backed lending facility, based on qualifying inventory and receivables.