The 2020 Mid-Year Economic Update_long

Avnet Sales Down 9.7% in Fiscal 2020

Fourth quarter sales down 7.5% year-over-year for electronics distribution giant Avnet.
Avnet warehouse

Avnet Inc. (Nasdaq: AVT), Phoenix, Arizona, reported sales for the fiscal year 2020 ended July 1 of $17.6 billion, a 9.7% decrease from the same period a year ago. The company reported a loss for the year of $ 31.1 million, compared to a profit of $176.3 million in 2019.

For the fourth quarter, sales were $4.72 billion, down 11.1% year-over-year. Profit for the quarter was $52.2 million, compared to a loss for the year of $35.1 million in 2019.

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