Systemax completes buy of U.K.'s WStore
Port Washington-based Systemax's brands include TigerDirect 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.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
'If you don't address demand, you don't address the problem' Police are only addressing the supply, but demand is what fuels the illicit sex trade, experts say. Newsday political reporter Bahar Ostadan has the story.
