Systemax Earnings Jump On Record Sales
Systemax, Inc., the parent company of CompUSA, TigerDirect and the relaunched CircuitCity.com, posted a net income of just under $18.4 million in the fourth quarter, an 84 percent jump from the same period last year.
The company posted sales gains in all of its major product categories, including computers, consumer electronics, computer components and computer accessories and software. Consolidated sales reached an all-time company record of $938.2 million, rising 15 percent, while same store sales rose 12 percent.
“The market share growth strategy we have followed since the beginning of the economic downturn is beginning to pay off for us,” CEO Richard Leeds said in a statement. “Looking ahead, we believe our capacity to capture value and deliver it to customers through our recognized brands, including TigerDirect, CompUSA, Circuit City, MISCO, WStore and Global Industrial, positions us well for 2010.”
Following the announcement, the company’s stock rose 17 percent in afternoon trading, the AP reported.