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HD Supply Holdings   An increase of $66 million

HD Supply Holdings Q3 net sales $2 billion

HD Supply HoldingsHD Supply Holdings reported net sales of $2 billion for the third quarter of fiscal 2016 ended October 30, 2016.

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READ MORE HD Supply Holdings Q1 net sales increased $121 millioneak]


This is an increase of $66 million, or 3.4 percent, as compared to the third quarter of fiscal 2015.

Gross profit increased $35 million, or 5.4 percent, to $683 million for the third quarter of fiscal 2016 as compared to $648 million for the third quarter of fiscal 2015.

Gross profit was 34.0 percent of Net sales for the third quarter of fiscal 2016, up approximately 60 basis points from 33.4 percent of Net sales for third quarter of fiscal 2015.

Operating income increased $4 million, or 1.8 percent, to $231 million for the third quarter of fiscal 2016 as compared to $227 million for the third quarter of fiscal 2015.

Operating income as a percentage of Net sales was 11.5 percent for the third quarter of fiscal 2016, decreasing approximately 20 basis points from 11.7 percent for the third quarter of fiscal 2015.

Net income decreased $190 million, or 76.0 percent, to $60 million for the third quarter of fiscal 2016 as compared to $250 million for the third quarter of fiscal 2015.

Net income per diluted share decreased $0.94 or 75.8 percent to $0.30 for the third quarter of fiscal 2016, as compared to $1.24 for the third quarter of fiscal 2015. Net income in the third quarter of fiscal 2016 included a $59 million loss incurred as a result of the extinguishment of debt.

Net income in the third quarter of fiscal 2015 included a $186 million pre-tax gain from the sale of the Power Solutions business and an $100 million loss incurred as a result of the extinguishment of debt.

Adjusted EBITDA increased $1 million, or 0.4 percent, to $264 million for the third quarter of fiscal 2016 as compared to $263 million for the third quarter of fiscal 2015.

Adjusted EBITDA as a percentage of Net sales was 13.1 percent for the third quarter of fiscal 2016, decreasing approximately 40 basis points from 13.5 percent for the third quarter of fiscal 2015.

Adjusted net income increased $37 million, or 28.2 percent, to $168 million for the third quarter of fiscal 2016 as compared to $131 million for the third quarter of fiscal 2015.

Adjusted net income per diluted share was $0.83 for the third quarter of fiscal 2016, as compared to $0.65 for the third quarter of fiscal 2015.

As of October 30, 2016, HD Supply's combined liquidity of approximately $873 million was comprised of $146 million in cash and cash equivalents and $727 million of additional available borrowings under HD Supply, Inc.'s senior asset-backed lending facility, based on qualifying inventory and receivables.

For the third quarter of fiscal 2016, the ratio of Net debt1 to Adjusted EBITDA was 4.3 times.


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