Avnet Inc., the Fortune 500 distributor of electronics components, computer products and embedded technology, on Wednesday reported that its sales and net income decreased in both its last quarter and fiscal year ending June 30.
In its fourth fiscal quarter, sales fell 8.8 percent to $6.3 billion from $6.9 billion in the same period a year ago. For the fiscal year, sales decreased 3.1 percent to $25.7 billion from $26.5 billion.
Rick Hamada, CEO of Avnet, said annual results reflected a "components supply chain correction" and a global economy with slowing growth.
Net income for the fourth fiscal quarter plunged 44.1 percent to $133.4 million from $238.8 billion in the same quarter last year. Avnet still posted a sizeable annual profit of $567 million, although it sank 15.3 percent from $669.1 million in the year ending July 2, 2011.