Farnell announces 2022 second quarter sales up 35.3% year-on-year

Farnell's sales in the second quarter of 2022 increased 35.3% year-on-year to US$441 million, and its operating profit margin increased to 13.7%, higher than 10.9% in the first quarter and 8.3% in the last quarter of fiscal 2021.

Farnell's growth has been driven in large part by continued investment in expanding its global product portfolio.

The company expects to add 250,000 new SKUs in fiscal 2022 and has completed 55% of the total to date, with the existing portfolio approaching 1 million.

Additional investments in e-commerce capabilities, new product introductions and continued support for online communities were also key drivers of growth.

In terms of e-commerce, Farnell continues to strengthen its product services, with more than 71% of transaction orders placed online this quarter, and in some European countries this proportion even exceeding 85%.

Following a 15% increase in orders and a 30% increase in traffic, Farnell expects additional investments in digital products to continue to drive increased traffic and customer acquisition in the coming quarters.