Digi-Key Surpasses $1B in Annual Global Sales

Electronic components distributor Digi-Key Corp. is officially a billion-dollar company, surpassing $1 billion in worldwide sales in 2010. While the company anticipated reaching this milestone in 2010, the achievement came ahead of schedule.

"Reaching and surpassing $1 billion in annual worldwide sales is a major accomplishment for Digi-Key and one for which we have diligently worked," said Mark Larson, Digi-Key’s president and COO. "Digi-Key has grown by an average of 15 percent each year since 1987. This is real, organic growth – not the result of acquisition, but growth based on Digi-Key’s expanded reach to customers around the globe."

The privately held electronic component distributor was on track to reach $1 billion in sales in 2008 before the global economic recession caused sales to decrease in the last half of the year. Despite the economic downturn and a decrease in sales of nearly 6 percent for 2009, Digi-Key gained market share in the down market. Some of Digi-Key’s publicly held competitors experienced far greater sales decreases, making it more difficult for them to "bounce back" when the economy began to revive.

"Digi-Key gained market share in the down market of 2009 because our decrease in sales was about half that of the electronic distribution industry. Digi-Key is gaining share in the up market of 2010 as our sales increase at a rate almost twice that of the industry. We are really outdistancing the pack when it comes to gaining market share in this industry," Larson said.

As of today, Digi-Key’s worldwide sales have increased by more than 75 percent year over year. The company is projected to reach nearly $1.5 billion in worldwide sales for 2010.

"Much of our sales growth can be attributed to Digi-Key’s expanding presence online," said Tony Harris, Digi-Key’s chief marketing officer (CMO). "We are targeting several initiatives to give our customers a myriad of resources for product information, education, application, and selection on our website, www.digikey.com, with more to come in the future."

Digi-Key’s growth is partially attributed to increased sales in Brazil, China, Europe, India, Japan, Mexico, Russia, and other regions around the world.

Digi-Key

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