Tech Data has reported Q3 net sales of $6.4bn, a decrease of 5% from $6.8bn in the prior-year quarter.
In Europe, net sales were $3.9 billion (60% of worldwide net sales), a decrease of 6% from the prior-year quarter. On a constant currency basis, net sales grew approximately 6%. Gross profit was $314.8m, or 4.90% of net sales, compared to $335.0m, or 4.95% of net sales in the prior-year quarter.
Gross profit improved approximately $9 million, or 3% year-over-year.
"Continuing our positive first half momentum, I am pleased to report that Tech Data delivered another solid quarter in Q3 of fiscal 2016, said Robert M. Dutkowsky, chief executive officer.
"On a constant currency basis, we posted good top line growth, improved non-GAAP operating income by nearly twice the rate of sales growth, and grew non-GAAP earnings per share by 19% to a record Q3 level.
"Additionally, for the first nine months of the fiscal year, we grew non-GAAP earnings per share by 31% on a constant currency basis, generated $221 million of cash from operations, and completed $147 million of share repurchases.
"Tech Data's performance through the first nine months of the fiscal year is a testament to our company's strengths, namely, our diversified customer and product portfolios, strong vendor relationships, state-of-the-art global IT platform, and our teams' ability to effectively respond to the demands of the ever-changing IT market."