Tech Data shrugs off European market malaise

Tech Data's European operation has shrugged off an increasing sense of malaise in the IT market to grow its second quarter sales 30% - 14% on a Euro basis - to $3.75bn (£2.28bn), well over half of the distributor's global revenues. CEO Robert Dutkowsky said the firm's "strategic focus on

Tech Data's European operation has shrugged off an increasing sense of malaise in the IT market to grow its second quarter sales 30% - 14% on a Euro basis - to $3.75bn (£2.28bn), well over half of the distributor's global revenues.

CEO Robert Dutkowsky said the firm's "strategic focus on execution, diversification and innovation, together with our resilient business model" was behind 18% worldwide growth in sales to $6.45bn.

Operating income at the broadliner ticked up 20% to $78.8m, while net income was up 23% compared to Q2 2011, coming in at $50.1m.

In a statement put out today, Dutkowsky took an optimistic line, saying the firm expected to turn in mid-single digit growth in organic sales in both its EMEA and American divisions during the third quarter.

"We believe we will continue to make progress on our three-year operating margin target of exceeding 1.5%, before stock compensation expense, in fiscal 2013," the CEO added.

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