Ingram Micro reported 6 percent drop in sales to $47.2 billion as the company focused on delivering a better mix of higher margin sales.
The translation of foreign currencies had a negative impact of approximately $1.2 billion, or nearly 2.5 percent, on 2019 fiscal year sales.
Ingram Micro said it delivered robust revenues and record profits, including double-digit increases in Cloud and Commerce & Lifecycle Services revenues and profitability, as the company benefited from a strategic focus on growing high-value services and solutions.
The company also said that the adoption of ASC 606, related to changes in the reporting of certain software revenue transactions from a gross to a net basis, had a negative impact to fiscal 2019 annual sales of approximately $1.5 billion, or 3 percent, when compared to fiscal 2018 annual sales.