Avnet Inc. (Nasdaq: AVT), Phoenix, Arizona, reported sales for the fiscal year 2020 ended July 1 of $17.6 billion, a 9.7% decrease from the same period a year ago. The company reported a loss for the year of $ 31.1 million, compared to a profit of $176.3 million in 2019.
For the fourth quarter, sales were $4.72 billion, down 11.1% year-over-year. Profit for the quarter was $52.2 million, compared to a loss for the year of $35.1 million in 2019.
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For the fourth quarter, sales were $84.2 million, a 19% increase year-over-year.
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Profit for the year was $126 million, compared to $105 million in 2019.
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Profit increased 40.2% to $59.7 million.
