Avnet sales grew by 0.3 percent

hamadaGlobal distributor Avnet has released its third quarter results and compared to the same third quarter last year, sales are as flat as a pancake.

To March 30, 2013, sales amount to $6,298.7, up only 0.3 percent compared to the same quarter last year.

Gross profit margin of 12 percent was also essentially flat.

Rick Hamada, CEO of Avnet, said the quarter met the company’s expectations and were in line with normal seasonal patters. “We continue to navigate through an ongoing uneven economic recovery,” he said.

Both the company’s operating groups showed year over year “organic revenue declines”.  As a result, Avnet will contnue to cut costs and imprpve its margin.  Cost reductions for its entire financial year will be arund $140 million.

Performance in its Avnet Electronics group fluctuated wildly, with the Americas showing a minus 9.6 percent growth rate, while Asia growthrate amounted to 14.1 percent. The EMEA division showed a growth rate of only 0.8 percent.