Avnet, Inc. (NYSE:AVT), Phoenix, AZ, reported sales for the first quarter ended Oct. 3, 2009, were $4.36 billion, a decrease of 3.1% over the first quarter fiscal 2009. Profit was down 43.6% to $50.9 million.
“While the impact of the global economic slowdown remained evident in our year-over-year revenue decline, our better than expected sequential growth rates provides additional confidence that the business environment is improving,” CEO Roy Vallee said. “Both operating groups delivered revenue growth at a rate that was above normal seasonality, even excluding the estimated $400 million beneficial impact of the extra week in this fiscal period.”
Electronics Marketing (EM) sales of $2.44 billion for the first quarter fiscal 2010 were down 9.8% year over year on a reported basis. EM sales in the Americas and EMEA regions decreased 20.5% and 10.6%, respectively. EM sales in Asia increased 3.0%.
Technology Solutions (TS) sales of $1.92 billion for the first quarter fiscal 2010 were up 6.9% year over year. First quarter sales in the Americas and Asia regions were up 9.2% and 71.4%, respectively, while the EMEA region was down 9.0%.