Systemax Inc. (NYSE: SYX), the Port Washington, New York-based parent of Global Industrial, reported 2020 sales of $1 billion, up 8.7% from 2019. Profit grew 28.2% to $64.1 million.
“We ended 2020 with an impressive fourth quarter financial performance and for the full-year exceeded $1 billion in revenue, a significant milestone,” said Barry Litwin, CEO. “We will continue to invest in our growth and believe our strategy has tremendous relevance in the marketplace today. With rapid improvements made to our end-to-end customer experience and the further evolution of our e-commerce platform, we are strengthening our competitive position and see accelerated customer acquisition and retention. As a result, we believe we are well positioned to continue to capitalize on the growth of B2B e-commerce and to capture additional market share in a highly fragmented industrial distribution marketplace.”
The company’s fourth-quarter sales of $273.9 million were up 23.3% from the same period the previous year. The company reported profit of $16.4 million, up 43.9% from the fourth quarter of 2019.
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