Avnet, Inc., Phoenix, Ariz., technology distributor and solutions provider, reported sales for its fiscal 2023 second quarter ended Dec. 31, 2022, were $6.7 billion, up 14.5% from the prior-year period.
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Net profit for the quarter was $243.9 million, up 61.7% from the prior-year period.
“We delivered another strong quarter of sales and earnings to close out 2022,” said Phil Gallagher, Avnet CEO. “This past year, we were able to accelerate our sales growth, expand operating margins and gain market share thanks in large part to our customers’ partnership and our employees’ dedication and commitment. As we head into 2023, we are closely monitoring near-term market dynamics and remain encouraged about the medium-term growth opportunities across our diverse end-markets.”
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at iheller@distributionstrategy.com.