Avnet recently announced its fourth-quarter fiscal year results, which showed an increase in revenue and operating profit margin compared to the same period last year. This result is reportedly driven by a record fiscal year profit of $1.8 billion (approximately 2.5 trillion won) generated from element14.

element14 achieved a 20.2% increase in annual sales compared to the previous year. This is attributed to the explosive increase in demand in the automotive, industrial, and medical device sectors.

Element14 announced fourth-quarter revenue of $442 million (approximately 600 billion KRW), with an operating profit margin of 14.2%. This represents an increase of 597 basis points compared to the same period last year.

element14's continuous investment in inventory had a positive impact, adding over 18,000 new products in the fourth quarter alone. element14 emphasized that maintaining extensive inventory remains a key factor in success and a core priority for the Avnet Group. element14 is credited with playing a pivotal role in Avnet achieving a solid operating margin of 4.5% in the quarter.

Amidst element14’s efforts to enhance the customer experience on its e-commerce platform, approximately 56% of element14’s total revenue and 72% of transaction orders were made through the platform this quarter.

"We achieved this growth despite ongoing supply chain issues and uncertainties regarding lockdowns resumed in China following the outbreak of COVID-19," said Weidi Zhu, Head of Business at element14. "Building on this momentum, we are continuing to invest in inventory, digital marketing, and e-commerce platforms."