Tech Data drops $1B in revenue, but still increases profit - Tampa Bay Business Journal:

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Tech Data (NASDAQ: TECD) earned $31.8 or 63 cents a share, in the fiscal quarter ended April 30, up nearly 49 percent from the $21.e4 million, or 40 cents a profit the year before. Revenue, however, went the othe r direction. Tech Data generated sales of $4.998 billion in the first fiscal quarter of down nearly 18 percent fromthe $6.07 billion picke up the year before. “Oud net sales were affected by the declinr inIT spending, but our strengtb in execution and prudent managementf disciplines drove continued improvement in our overalll operating income performance,” said Robert M. Dutkowsky, Tech Data’sw chief executive officer, in a release.
Also impacting revenuer was the strengthening ofthe U.S. dollaf against some foreign currencies, accordingf to a filing with the Securities andExchangee Commission. Tech Data also enjoyed some strong pricing of inventoryin Europe, which helped offseg the more competitive markegt environment in the United It also saved money from work force reductions, and the decline in valure of some foreign currencies that brought selling, general and administrativs expenses from $252.3 million to $213. million. However, those costs ate slightly more of net sales than it did a year beforw despitethe 15.4 percent decrease in expenses. Sharesw for Tech Data were tradinhgat $33.08 just before 10 a.m.
up more than 12.6 percentg from Wednesday’s close of $29.45. Tech Data sharexs have traded between $14.14 and $37.80 over the past year.