Table of Contents Results of Operations Executive Summary Sales for fiscal 2019 were $19.52 billion, an increase of 2.5% from fiscal 2018 sales of $19.04 billion. Sales in constant currency increased by 4.4% year over year. EC sales in fiscal 2019 of $18.06 billion increased $516.9 million or 2.9% over the prior year and sales in constant currency increased 4.8% year over year. This increase in sales was primarily related to growth in the Americas, EMEA and Asia regions of 3.1%, 4.7% and 5.7%, respectively. Farnell sales of $1.46 billion decreased 2.3% and sales in constant currency remained flat year over year. Gross profit margin of 12.7% decreased 54 basis points from fiscal 2018. The year-over-year decline was primarily due to industry specific and macroeconomic conditions as both operating groups experienced gross margin declines in the EMEA and Asia regions, partially offset by increases in the Americas. Operating income was $365.9 million in fiscal 2019, representing a 74.9% increase compared with fiscal 2018 operating income of $209.2 million. Operating income margin was 1.9% in fiscal 2019 as compared with 1.1% in fiscal 2018. Both years included goodwill impairment expense, amortization of acquired intangibles, and restructuring, integration and other expenses. Excluding these amounts from both years, adjusted operating income was $695.7 million, or 3.6% of sales, in fiscal 2019 representing a $68.0 million and 27 basis point increase as compared with $627.7 million, or 3.3% of sales, in fiscal 2018. The improvement in operating income margin was primarily the result of effective cost management, including the impact of cost reduction actions taken during fiscal 2018 for which the full benefit was realized during fiscal 2019. Sales Three-Year Analysis of Sales: By Operating Group and Geography The table below provides a year-over-year summary of sales for the Company and its operating groups. Years Ended Percent Change June 29, % of June 30, % of July 1, % of 2019 to 2018 to  2019 Total 2018 Total 2017 Total 2018 2017 (Dollars in millions) Sales by Operating Group: EC  $18,060.3 92.5 % $17,543.6 92.2 % $16,474.1 94.5 % 3.0 % 6.5 % Farnell (acquired Q2 fiscal 2017) 1,458.3 7.5 1,493.3 7.8 965.9 5.5 (2.4) 54.6  $19,518.6 $19,036.9 $17,440.0 Sales by Geographic Region: Americas  $ 5,135.8 26.3 % $ 5,011.4 26.3 % $ 5,163.9 29.6 % 2.5 % (3.0)% EMEA 6,762.9 34.6 6,790.9 35.7 5,912.9 33.9 (0.4)  14.8 Asia/Pacific 7,619.9 39.0 7,234.6 38.0 6,363.2 36.5 5.3 13.7 Total Avnet  $19,518.6 $19,036.9 $17,440.0 22