Avnet, Inc., Phoenix, AZ, reported sales of $4.27 billion for second quarter fiscal 2009 ended Dec. 27, 2008, a decrease of 10.2% over second quarter fiscal 2008. Excluding the impact of changes in foreign currency exchange rates, sales were down 6.4% for the quarter. Organic sales were down 14.9%.
Profit was $112.3 million, down 21% from the prior year quarter.
"Our second fiscal quarter was unusually challenging as demand weakened through the quarter culminating with lower-than-expected revenue in the month of December, CEO Roy Vallee said. This slowdown was widespread as all three regions and both operating groups contributed to a double digit year-over-year organic revenue decline for the quarter.
"Based on these results and our expectation of continued market weakness over the next few quarters, we have initiated additional cost reductions of $50 million in annualized savings and are expected to be fully implemented by the end of our fiscal year."
Electronics Marketing sales of $2.27 billion in the second quarter fiscal 2009 were down 8.5% year over year.
Technology Solutions sales were down 12% to $2 billion.