Quarterly sales at Computer 2000 parent Tech Data have fallen substantially short of expectations, dropping 7.9% to $5.8bn (£3.6bn) in a torrid macroeconomic environment, with weak foreign currency performance against the US dollar accounting for a good chunk of the decline.
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North and Latin America accounted for $2.5bn or 42% of worldwide sales, down 6%, while European sales of $3.4bn, or 58% of global net, dropped 7%.
In the first quarter of its fiscal 2013, the Florida-based broadliner revealed it had also been tinkering behind the scenes with its presentation of sales of vendor warranty services and fulfilment contracts, which it now presents on an agency basis as net fees instead of net sales and cost of products, which wiped another $200m off the books, and sales would have ticked up slightly had it not made this change.
However, it was not all doom and gloom, as net profits rose just over 6% to $51.7m and CEO Bob Dutkosky reported a "solid start to fiscal 2013 with record first quarter operating income, net income and earnings per share.
"Our performance clearly demonstrates that despite volatile and uncertain markets, our strong operations, flexible business model and strategy of execution, diversification and innovation enable Tech Data to capture profitable market share and to deliver strong results to our shareholders," he added.
In Q2, the distie said it is expecting sales to be roughly flat on a sequential basis.