Systemax Profit Drops, But Sales Rise
Systemax Tuesday reported that its fourth-quarter net income dropped 31 percent, despite sales that rose seven percent. The difference was rise in expenses, due to an acquisition and the launch of a new distribution center.
Sales of consumer electronics, computers and computer accessories and software all rose, although computer components dropped.
"We recorded solid top line growth across our geographic footprint with double digit increases in our computer category, led by sales of full feature laptop computer," Gilbert Fiorentino, CEO of the group's Technology Products Group, said as part of the announcement.