Systemax sees decline in sales at its CompUSA retail stores
Systemax offices in Port Washington. (April 10, 2002) Credit: Newsday, 2002 / Kathy Kmonicek
Port Washington-based computer retailer Systemax Inc., owner of the CompUSA chain, reported Tuesday that revenue declined 8 percent at its existing consumer stores -- those open at least a year.
That number doesn't include revenue from newly opened stores, or from online sales.
But despite its brick-and-mortar retail store setback, Systemax's overall net profit rose in the first quarter and its revenue increased.
Systemax reported net income of $13.6 million for the three months ended March 31, compared with net income of $11.8 million in the same quarter last year.
Revenue grew to $929.9 million, up from $915.2 million a year earlier.
The company's retail electronics divisions had been directed by Gilbert Fiorentino, a top executive and board member who was fired last week and who must repay $11 million in cash and stock to Systemax. His dismissal came after an investigation, prompted by an anonymous whistleblower's tip.
Fiorentino headed Systemax sales operations in Miami, Fla., where its major subsidiaries TigerDirect.com, Circuit City and CompUSA are based. Fiorentino said in 2009. Circuit City is an online-only operation.
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