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Systemax Posts Q3 Net Loss, Lower Sales

Port Washington, N.Y. — Systemax reported a net loss on lower net sales in its third quarter, ended Sept. 20. 10/29/2013 12:36:00 PM Eastern

Port Washington, N.Y. — Systemax reported a net loss on lower net sales in its third quarter, ended Sept. 20.

The net loss was $11.6 million in the quarter, compared with a net profit of $14 million in last year’s third quarter.

Consolidated sales decreased 6.5 percent to $791.8 million in U.S. dollars. On a constant currency basis, sales decreased 6.8 percent compared with last year.

Consumer channel sales declined 17.5 percent to $263.5 million in U.S. dollars. On a same-store and constant currency basis, sales declined 15.6 percent.

GAAP operating loss increased to a loss of $3.8 million, compared with a loss of $1.9 million last year. Non-GAAP operating income grew to $3 million, compared with $1.5 million last year.

In a prepared statement, Richard Leeds, chairman and CEO, did not address the consumer side of the business directly but did comment on North America. “Our revenue performance remains challenged, particularly online, and we are moving aggressively to improve our results and making progress on a number of fronts. We are expanding the number of private label SKUs we offer and making investments to improve and enhance the functionality of our websites.”

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