Systemax Inc. Thursday reported higher net sales for the quarter ended March 31, but a wider net loss from discontinued operations amid a corporate restructuring.
Net sales rose to $302.5 million, a 5.5 percent increase compared to the year-earlier quarter. Net income from continuing operations grew to $10.3 million from $1.5 million in the 2016 quarter. But net loss from discontinued operations widened to $28.8 million from a loss of $18.8 million in the year-earlier period.
“More than a year ago we commenced a strategy to exit our underperforming businesses and streamline our company,” chief executive Larry Reinhold said in a statement. “With the sale of the remainder of our underperforming businesses in Europe in March 2017, we have substantially completed this initiative.”
Port Washington-based Systemax, once a major computer retailer and owner of the CompUSA, Circuit City and TigerDirect brands, recast itself as a seller of industrial equipment and supplies in the United States and Canada and technology products for businesses and government customers in France and Belgium.
Systemax shares gained 3 cents to close Thursday at $12.94.