San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Port Washington, N.Y. – IT and CE seller Systemax reported a $6.3 million loss for the first quarter ended March 3, compared to year-ago earnings of $7.1 million, due to weakness in its retail businesses.
Net sales slipped 3.6 percent to $880.7 million and comp store sales declined 3.3 percent in the U.S. and Europe.
Retail sales, which include TigerDirect in the U.S., fell 10.9 percent, while b-to-b sales, which comprise about 62 percent of the business, increased 1.6 percent.
Port Washington, N.Y. — IT reseller and multichannel retailer Systemax reported losses for the fourth-quarter and full year on restructuring charges and weakness in its U.S. consumer business.
Losses totaled $27.1 million in the fourth quarter, ended Dec. 31, 2012, compared with net profit of $14.7 million during the year-ago period, and the company lost $8.3 million for all of 2012, compared with a $54.4 million profit in 2011.
Port Washington, N.Y. — David Sprosty will step down as chief executive of Systemax’s North American retail business, effective March 1.
Sprosty, who succeeded the ousted Gilbert Fiorentino in October 2011, will assist in the transition and return to his consulting career, which will include special projects for Systemax.
Port Washington, N.Y. – Systemax will consolidate its North American consumer businesses under the TigerDirect brand, drop the CompUSA and Circuit City brands by the end of the year, and exit the PC manufacturing business.
News came in its quarterly financial report in which Systemax reported sales of $846.3 million in the quarter, ended Sept. 30, down from $900.2 million in the prior year. Net income was $13.9 million in the quarter, up from the prior year’s $10.6 million.