Systemax Sales Up, But Profit Down
Systemax Thursday announced that it had posted a 32 percent decline in profit, even as its net sales rose 14 percent, including a 13 percent increase in sales for the company's Technology Products Group.
"Our consumer channels, which are primarily in North America, we are encouraged by the initial results of our co-branding initiative and have already begun to see increased traffic as a result of this effort," the tech products group's CEO, Gilbert Fiorentino, said as part of teh announcement. "Additionally, the opening of our new Georgia facility, which includes a distribution center, call center and retail store, will allow us to further improve our logistical capabilities and will be integral to profitably growing our revenues in the future."
The company also announced that it is bringing a TigerDirect retail store to London, the first Retail 2.0 store there and a spinoff of TigerDirect's Canadian division.