CDW says computer sales slip

LINCOLNSHIRE - CDW Corp. reported first quarter financial results Wednesday, including a 14% dip in sales compared to the same quarter a year ago.

Total net sales in the first quarter of fiscal year 2023 were $5.1 billion, compared to $5.9 billion in the first quarter of 2022. Currency impact to the net sales decline was driven by unfavorable translation of the British pound and Canadian dollar to U.S. dollar, CDW said.

"The IT market experienced a marked shift in commercial buying behavior as economic uncertainty built during the quarter, driving a deeper than expected demand contraction," said Christine A. Leahy, chair and chief executive officer, CDW. "While this translated into lower business volume, the value of the solutions we provide customers continued to grow and we delivered record first quarter margins."

The company reported net income of $230 million in the quarter, down 8% as compared to $250 million in the same period last year.

CDW is a multibrand provider of computers and information technology solutions to business, government, education and health care customers in the United States, the United Kingdom and Canada.

The company also announced the approval by its board of directors of a quarterly cash dividend of 59 cents per share to be paid on June 13 to all stockholders of record as of the close of business on May 25.