Distributor Tech Data's first quarter results show that Europe still accounts for 55% of worldwide net sales and growth in the region was higher than in the Americas, at 26% compared to 15%.
Both were dwarfed by the rise in AsiaPac - at 48%, though the region has only 3% of total sales.
Overall, net sales were $8.5bn, an increase of 22% compared to the prior-year quarter. The increase in net sales year-over-year is primarily attributed to changes in foreign currency exchange rates and an additional month of Avnet TS sales. On a constant currency basis, net sales increased 13%.
Margins are being squeezed in Europe: operating income was $17.3m, or 0.37 percent of net sales, compared to $24.8m, or 0.67 percent of net sales in the prior-year quarter.
"During Q1, our teams capitalised on upside demand, prudently controlled costs and effectively managed through vendor program changes," said Robert M. Dutkowsky, chairman and chief executive officer.
"The result was topline growth and operating results that exceeded our expectations. Our performance is a testament to the flexibility of our business model, our strong relationships with channel partners, and to our teams' ability to execute and deliver a solid performance."