Systemax has seen another record quarter with like-for-like sales up over seven per cent, with revenues for the first quarter hitting $725 million (£370 million) following the successful takeover of the CompUSA brand earlier this year.The firm, which owns UK online retailer Misco, said that while the quarter had proved to be another record breaker, it had begun to see evidence that the wider economic slowdown was beginning to impact technology sales in the US.
However, the firm is confident that the acquisition of CompUSA has set the retailer up to be able to weather the storm.
"While our technology product sale revenues did not grow as fast as in prior quarters, through our focus on the CompUSA integration, we believe we have positioned this business well for the future," said chief executive Richard Leeds.
"Overall, technology products continued to grow in the first quarter North America and Europe despite increasing concerns over a recession in the US," added president Gilbert Fiorentino. "Revenues in Europe were favourably impacted by exchange rates of around $18 million."
Advertisement
Related Stories
- European Electronics Retail Summit Feb 14th 2012 at 12:00AM
- Caseking.de buys Overclockers UK Feb 9th 2012 at 7:52AM
- HP Folio 13-1000 ultrabook a DSG exclusive Feb 8th 2012 at 6:06AM
- PCR RETAIL BOOT CAMP: Dedicated website now live! Feb 2nd 2012 at 11:42AM
- GAME denies immediate stock problems Feb 1st 2012 at 1:56PM
- Tesco shares plummet after poor sales Jan 12th 2012 at 2:52PM
- Interactive Ideas offers best practice guides for selling online Jan 11th 2012 at 2:03PM
- Shepherd to head up VIP's new retail sales team Jan 10th 2012 at 12:31PM
- HMV bullish despite weak sales Jan 9th 2012 at 2:25PM
- Aussie retailer Harvey Norman launches offshore games site Dec 23rd 2011 at 5:19AM
Follow Follow this article if you would like to receive notifications of updates.
Add a new comment
You need to be logged in to post comments. If you do not have an account then please register.
Comments
0 comments
There are no comments yet, be the first to add one!