Systemax Inc. sales climb 17.1 percent
Systemax Inc., the parent company for Global Industrial, reported third-quarter net sales inceased by 17.1 percent to $285.7 million.
Net income of $24.6 million, or 64 cents per diluted share, was up from $12.7 million, or 36 cents, in third quarter of 2019.
For the first nine months of the year, consolidated net sales increased 4.2 percent to $755.1 million.
"We had an exceptional third quarter performance, achieving an all time high in quarterly operating profit and operating margin. Revenue increased 17 percent, as we benefited from our private label offering, an expanded pandemic product line, and solid gains from core product categories," said Barry Litwin, chief executive officer.
Litwin added that sales growth has remained in the mid-teens in October. "Customers that came to Global Industrial for pandemic supplies are seeing our wide assortment and are coming back to us for a broader range of needs. As a result, new customer acquisition has been healthy with strong growth in both e-commerce and our one-to-one managed sales channel," he said. "With an exceptional e-commerce centric platform and differentiated go to market strategy, we are building deeper and longer-term relationships with customers. We have great momentum in the business, and are currently on track for a strong finish to the year."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
