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Systemax Posts Higher Q4 Sales

3/15/2011 04:37:10 PM Eastern
Port Washington, N.Y. - Systemax reported higher sales but slightly lower net profits in its fourth quarter, ended Dec. 31.

Net sales were $1.01 billion, up from the prior year's $938.2 million. Net income was 12.7 million in the quarter, down from the prior year's fourth-quarter net income of $18.4 million.

On the consumer side of its business, consumer sales grew 3 percent to $533.9 million, up from the prior fourth quarter's $517.7 million.

Same-store sales in its consumer business declined 1 percent.

Gilbert Fiorentino, CEO of Systemax's technology products group said, "Our technology products business continues to benefit from the broad based recovery in the IT cycle. We recorded solid top-line growth across our geographic footprint, with double-digit increases in our computer category, led by sales of full-feature laptop computers. We are optimistic that the introduction of a broader offering of tablet computers and the launch of expanded wireless offerings in our brick-and-mortar stores will drive additional traffic to our websites and stores. We are executing on a number of initiatives across our distribution channels and will continue to prudently expand our businesses."

For the fiscal year, consolidated sales grew 13 percent to $3.6 billion compared with the prior year. Consumer sales grew 3 percent to $1.8 billion. Net income was $42.6 million, down slightly from $46.2 million in the prior year.

Systemax sells PCs, computer components and supplies, CE and industrial products through a system of branded e-commerce websites, retail stores, relationship marketers and direct-mail catalogs in North America and Europe. The primary brands are TigerDirect, CompUSA, Circuit City, MISCO, WStore and Global Industrial.
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