Cumberland-based HD Supply Holdings Inc. reported net sales of $1.5 billion for the first quarter of fiscal 2019 ending May 5, an increase of $104 million or 7.5%, as compared to the first quarter of fiscal 2018.

Organic sales growth for Q1 fiscal 2019 was 5.8%, as compared to Q1 fiscal 2018.

“The team overcame significant unfavorable weather in February to deliver on our promises during the first quarter of 2019,” said Joe DeAngelo, chairman and CEO of HD Supply. “In this current dynamic environment, we are intensely focused on what we can control, delivering profitable growth and executing on our capital allocation strategy.”

Gross profit increased $33 million, or 6%, to $585 million for Q1 fiscal 2019, as compared to $552 million for Q1 fiscal 2018. Gross profit was 39.2% of net sales for Q1 fiscal 2019, down approximately 50 basis points from 39.7% for Q1 fiscal 2018.

Operating income increased $19 million, or 12.6%, to $170 million for Q1 fiscal 2019, as compared to $151 million for Q1 fiscal 2018. Operating income was 11.4% of net sales for Q1 fiscal 2019, up approximately 50 basis points from 10.9% for Q1 fiscal 2018.

Net income increased $18 million, or 20.2%, to $107 million for Q1 fiscal 2019, as compared to $89 million for Q1 fiscal 2018. Net income per diluted share increased 15-cents, or 31.3%, to 63-cents in Q1 fiscal 2019, as compared to 48-cents in Q1 fiscal 2018.

Adjusted EBITDA increased $13 million, or 6.8%, to $203 million for Q1 fiscal 2019, as compared to $190 million for Q1 fiscal 2018. Adjusted EBITDA was 13.6% of net sales for Q1 fiscal 2019, down approximately 10 basis points from 13.7% for Q1 fiscal 2018.

Adjusted net income increased $13 million, or 10%, to $143 million for Q1 fiscal 2019, as compared to $130 million for Q1 fiscal 2018. Adjusted net income per diluted share increased 14-cents, or 20% to 84-cents in Q1 fiscal 2019, as compared to 70-cents in Q1 fiscal 2018.

As of May 5, HD Supply’s combined liquidity of $580 million was comprised of $40 million in cash and cash equivalents and $540 million of additional available borrowings, excluding $6 million of borrowings on available cash balances, under HD Supply Inc.'s senior asset-based lending facility, based on qualifying inventory and receivables.

HD Supply held a conference call on June 11 at 8 a.m. to discuss its first-quarter fiscal 2019 results. An online replay will remain available for a limited time following the call.

For more information, visit hdsupply.com.

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