Systemax has reported total net sales of $805.9m for the second quarter of 2010, an increase of 12% compared to $721.6m for the same period last year.
The company posted an operating income of $16m for the second quarter of 2010, compared to $8.7m for the same period last year.
Gross margin was 14.3% compared to 14.8% in the second quarter of 2009. Operating margin was 2.0% for the second quarter of 2010, compared to 1.2% for the same period last year.
For the second quarter ended June 30, 2010, the company posted gross profit of $115.2m, an increase of 7.7% compared to a gross profit of $107.1m for the same quarter a year ago. Diluted EPS was up by 47% to $0.25 from $0.17 per share for year ago quarter.
Business to business channel sales grew 35% to $417.4m. On a constant currency basis and excluding WStore, sales grew 22%, while Consumer channel sales declined 6% to $388.5m. Sales also declined 6% on a constant currency basis and excluding WStore.
Systemax chairman and chief executive officer Richard Leeds said that the company’s solid second quarter performance, with consolidated sales growth of 12% and all-time record revenues, was once again led by their business to business channels, which produced strong results as small- and mid-sized businesses have started to return to more normalised spending.
"Our consolidated results demonstrate the benefits of our business diversification, one of the leading components of our long-term growth strategy, and continue to buffer the challenging consumer spending environment," Leeds said.
