Systemax Profits Rise; Consumer Sales Down
Systemax reported an 18 percent rise in profit in the second quarter, a result that missed analyst estimates, according to the AP.
The owner of CompUSA, TigerDirect and Circuit City posted a $9.5 million profit in the three-month period that ended June 30th. While overall sales rose, consumer sales declined by 6 percent to $388.5 million.
"Through our recently launched strategic initiative to co-brand two of our core retail businesses, CompUSA and TigerDirect, we will improve cross promotion to our customers and strengthen our multi-channel strategy," Gilbert Fiorentino, CEO of the company's Technology Products Group, said in a statement.