News
Systemax sees record Q1
Ben Furfie Jun 18 2008, 12:07pm
USA: However, Misco parent warns that growth is slowing but confident about CompUSA
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."
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