Electronics distributor Avnet, Inc., Phoenix, AZ, reported sales of $4.49 billion for first quarter fiscal 2009 ended Sept. 27, 2008, representing an increase of 9.7% over the prior-year period and 7% excluding the impact of changes in foreign currency exchange rates.
 
Organic growth was up 0.9%.  
 
Profit for first quarter fiscal 2009 was $92.8 million as compared with net income of $105.5 million for the first quarter last year.
 
 Our September quarter continued a multi-quarter trend of muted organic growth rates as sluggish demand in several end markets persisted,” said Roy Vallee, CEO. “Although it is difficult to predict how macro conditions will impact tech demand over the next few quarters, we will continue to focus on achieving our financial goals by managing the things that are within our control.
 
“As a result, we are taking additional actions to continue aligning our business to our stated long-term financial goals. In addition to what was previously announced, we have initiated further cost reductions this quarter which will total approximately $50 million in annualized savings and are expected to be fully implemented by the end of the March 2009 quarter.”