Premier Farnell’s 3Q sales rise 4 percent

Industrial Distribution staff -- Industrial Distribution, 1/7/2008 5:59:00 AM

Third-quarter sales for British electronic components distributor Premier Farnell rose 4 percent to $374.3 million, compared with $371.1 million during the same period last year.

Operating profit rose 8 percent to $43.6 million, compared with $41.8 million during the third quarter of 2007. Pre-tax profits rose 13 percent, reaching $34.7 million, compared with $31.5 million.

"This performance reflects increasing North American business momentum, with significant acceleration in sales growth seen in the third quarter. We are encouraged by the growing proportion of our business conducted via the Web, reflecting the investments we are making to support our increasing number of [Electronic Design Engineer division] customers. We have also made good progress to further internationalize the group,” CEO Harriet Green said. “Building on our current momentum and the further improvements seen since the end of the quarter, we anticipate delivering continued progress in the fourth quarter and expect to deliver results in line with our expectations."

Premier Farnell said Internet rose 43 percent compared with the third quarter of 2007; total e-commerce sales account for 28 percent of total sales for its marketing and distribution division.

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