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Systemax Q1 Profits Up 15%

5/11/2011 10:39:22 AM Eastern

Port Washington, N.Y. - Strength
in its industrial products group and European b-to-b operations helped Systemax
chalk up a 15-percent increase in net sales, to $929.9 million, for the first
quarter ended March 31.

Sales remained soft
within its consumer retail business, however, falling 4 percent to $449.4
million while same-store sales declined 8 percent.

Chairman/CEO Richard
Leeds attributed weakness in the consumer channel, comprised in the U.S. of the
TigerDirect, CompUSA and CircuitCity.com franchises, to "the choppy economic
environment," although performance improved through the quarter. The division
is being run on an interim basis by Technology Group CEO Robert Leeds while the
company seeks a successor to Gilbert Fiorentino, who resigned this week over
undisclosed improprieties.

Systemax, which makes and
sells computers, components and IT-related industrial products, is "well-positioned
with a solid balance sheet, which provides us tremendous financial flexibility
and a deep management team that is committed to building long-term value for
our shareholders," Richard Leeds said.

 

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