Financial Report: Tiger Direct Web Sales Fuel Systemax

Aug 12, 2004 1:47 AM  By

Port Washington, NY-based PC and warehouse supplies manufacturer/marketer Systemax (NYSE: SYX) shook off nearly $1 million in restructuring charges and still posted a profit.

Second-quarter net sales increased 11%, to $431.0 million for the three months ended June 30, compared with $388.8 million last year. Sales in North America increased 14%, led by strong Internet sales at its Tiger Direct subsidiary. European sales increased 5% in U.S. dollars, though they were generally lower than year-ago levels in local currencies) Net income was $671,000, compared with last year’s second-quarter loss of $1.9 million.

E-commerce sales accounted for 25% of overall net revenue, compared with 21% last year. The company notes particular growth its expanded e-commerce activities, especially to consumers.