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Systemax completes buy of U.K.'s WStore

Port Washington-based Systemax's brands include TigerDirect

Port Washington-based Systemax's brands include TigerDirect Photo Credit: TigerDirect.com

Port Washington-based electronics retailer Systemax Inc. says it has completed its acquisition of WStore, a British retailer. 

Full integration of WStore's operations and the full operation of a new distribution center in Georgia should improve profits, Richard Leeds, the Systemax chief executive, said in a statement. 

Systemax brands also include TigerDirect (a picture of its website is above), CompUSA and Circuit City. 

It reported this week that fourth-quarter net income sank 31 percent due to increased expenses and charges, including the WStore purchase. 

For the three months ending Dec. 31, Systemax said net income dropped to $12.7 million, or 34 cents a share, from $18.4 million, or 49 cents a share, in the same period a year earlier. 

Revenue increased 7 percent to $1 billion from $938.2 million in the same quarter last year, the company report said. Cost of sales rose 8 percent to $868.4 million; and the company also had a 14 percent increase in expenses for selling, general and administration, rising to $116.2 million. 

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