<PAGE>
                      SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549                 

                                   FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934



For Quarter Ended  December 31, 1993                  Commission File  #1-4224


                                    Avnet, Inc.                               
            (Exact name of registrant as specified in its charter)


             New York                                           11-1890605    
(State or other jurisdiction of                       IRS Employer I.D. Number
incorporation or organization)


     80 Cutter Mill Road, Great Neck, N.Y.                           11021    
(Address of principal executive offices)                           (Zip Code)


Registrant's telephone number, including area code . . . . . . . .516-466-7000


                                    Not Applicable                            
(Former name, former address and former fiscal year, if changed since last
report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.


                         Yes  x                 No    

The number of shares of the registrant's Common Stock (net of treasury shares)
as of the close of the period covered by this report . . . . . 40,562,330 shs.

The number of units then outstanding of other publicly-traded securities of
the registrant:

     6% Conv. Sub. Debs. Due 2012  . . . . . . . . . . . . . . . $105,285,000

<PAGE>
                       
                        
                       AVNET, INC. AND SUBSIDIARIES

                                     INDEX



Part  I. Financial Information                                    Page No.


         Item 1.  Financial Statements.

              Consolidated Condensed Balance Sheets - 
              December 31, 1993 and June 30, 1993                     3


              Consolidated Condensed Statements of Income - 
              First Halves Ended December 31, 1993 and 
              January 1, 1993                                         4


              Consolidated Condensed Statements of Income -           5
              Second Quarters Ended December 31, 1993 and
              January 1, 1993


              Consolidated Condensed Statements of Cash Flows -
              First Halves Ended December 31, 1993 and 
              January 1, 1993                                         6


              Notes to Consolidated Condensed Financial                        

              Statements                                            7-8



         Item 2.  Management's Discussion and Analysis             9-11
  


Part II. Other Information


         Item 6.  Exhibits and Reports from Form 8-K

                  a.  The following documents are filed as
                      part of this report:

                      *Exhibit 11.1  Computation of Earnings per
                                     share - Primary                 12 - 13

                      *Exhibit 11.2  Computation of Earnings per
                                     share - Fully Diluted           14 - 15


         Signature Page                                              16


         * Filed herewith

<PAGE>
                       

                      PART I - FINANCIAL INFORMATION

                         AVNET, INC. AND SUBSIDIARIES
                     CONSOLIDATED CONDENSED BALANCE SHEETS
                            (dollars in thousands)



Item I.  Financial Statements

                                                December 31,      June 30,
                                                    1993            1993   
                                                (unaudited)       (audited)
Assets:
  Current assets:
    Cash and cash equivalents                    $   52,797      $  219,827  
    Receivables, less allowances of $19,653
      and $14,736, respectively                     496,837         359,200
    Inventories (Note 3)                            598,578         491,769
    Other                                             8,019           4,797
Total current assets                              1,156,231       1,075,593

  Property, plant & equipment, at cost, net         110,240         102,539
  Intangibles and other assets                      406,192          69,181

      Total assets                               $1,672,663      $1,247,313

Liabilities:
  Current liabilities:
    Borrowings due within one year               $   75,608      $      107
    Accounts payable                                188,113         182,227
    Accrued expenses and other                      106,299          90,196

      Total current liabilities                     370,020         272,530
  Long-term debt, less due within one year          244,075         106,623
  
  Contingencies (Note 4)

      Total liabilities                             614,095         379,153
 
Shareholders' equity (Note 5):
  Common stock $1.00 par, authorized
    60,000,000 shares, issued 41,047,000
    shares and 36,131,000 shares,
    respectively                                     41,047          36,131
  Additional paid-in capital                        306,272         138,230
  Retained earnings                                 738,065         719,308
  Cumulative translation adjustments            (    15,554)    (    14,313)
  Common stock held in treasury at cost,
    485,000 shares and 483,000 shares,
    respectively                                (    11,262)    (    11,196)

      Total shareholders' equity                  1,058,568         868,160

      Total liabilities and shareholders'
        equity                                   $1,672,663      $1,247,313


           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                        
                         AVNET, INC. AND SUBSIDIARIES
                  CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                (amounts in thousands except per share amounts)


                                                     First Half Ended
                                                December 31,    January 1,
                                                    1993           1993   
                                                         (unaudited)
Revenues:

  Sales                                          $1,728,464     $1,059,997
  Investment and other income, net                      966         13,656 

                                                  1,729,430      1,073,653 

Costs and expenses:
  Cost of sales                                   1,390,515        826,330
  Selling, shipping, general
    and administrative                              235,902        179,583
  Depreciation and amortization                      12,720          8,145
  Restructuring and integration                      22,702           --  
  Interest                                            6,612          5,393 

                                                  1,668,451      1,019,451 

Income before income taxes and cumulative
  effect of change in accounting for
    income taxes                                     60,979         54,202

Income taxes                                         27,267         21,838 

Income before cumulative effect of
  accounting change                                  33,712         32,364 
  
Cumulative effect of change in method of
  accounting for income taxes                        (2,791)         --    

Net income                                       $   30,921       $ 32,364 

Earnings per share:  (Note 6)
  Income before cumulative effect of
    accounting change                            $    0.83        $   0.90 

  Cumulative effect of change in method
    of accounting for income taxes                   (0.07)           --   

Net income                                       $    0.76        $   0.90 

Shares used to compute earnings per
  share (Note 6)                                    40,814          38,201 






           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                        
                         AVNET, INC. AND SUBSIDIARIES
                  CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                (amounts in thousands except per share amounts)





                                                  Second Quarter Ended
                                                December 31,    January 1,
                                                    1993           1993   
                                                         (unaudited)
Revenues:

  Sales                                          $  850,462       $526,846
  Investment and other income, net                      388          5,387 

                                                    850,850        532,233 

Costs and expenses:
  Cost of sales                                     685,465        410,970
  Selling, shipping, general
    and administrative                              114,132         89,936
  Depreciation and amortization                       6,687          3,895
  Interest                                            3,411          1,974 

                                                    809,695        506,775 

Income before income taxes                           41,155         25,458 

Income taxes                                         17,553          9,958 

Net income                                       $   23,602       $ 15,500 

Earnings per share  (Note 6)                     $     0.58       $   0.43 

Shares used to compute earnings per
  share (Note 6)                                     40,836         38,227 



















           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                        
                         AVNET, INC. AND SUBSIDIARIES
                CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                            (dollars in thousands)

                                                    First Half Ended

                                                December 31,    January 1,
                                                   1993            1993    
                                                       (unaudited)

Cash flows from operating activities:
  Net income                                     $ 30,921        $ 32,364
  Add non-cash and other reconciling items:
    Depreciation and amortization                  15,473          12,630
    Deferred taxes                              (   1,089)      (     471)
    Cumulative effect of change in accounting
      for income taxes                              2,791            --  
    Other, net (Note 7)                             7,539       (   2,112)

                                                   55,635          42,411

  Receivables                                   (  41,736)      (     121)
  Inventories                                       4,935          14,398 
  Payables, accruals and other, net             (  52,456)      (  14,795)
 
    Net cash flows (used for) provided from
      operations                                (  33,622)         41,893
  
    
Cash flows from financing activities:
  Redemption of debentures                           --         (  68,117)
  Issuance (payment) of other debt                211,413       (   3,293)
  Cash dividends                                (  11,426)      (  10,660)
  Other, net                                        1,278             793

    Net cash flows provided from (used for)
      financing                                   201,265       (  81,277)

Cash flows from investing activities:
  Purchases of property, plant and equipment    (   8,362)      (  10,379)
  Acquisition of operations (Note 7)            ( 326,238)      (  15,256)
  Disposition of interest-bearing
    investments, net                                 --           224,675
  Other, net                                    (      73)             49

    Net cash flows (used for) provided from
      investing                                 ( 334,673)        199,089

Cash and cash equivalents:                       
      - (decrease) increase                     ( 167,030)        159,705
      - at beginning of year                      219,827          56,893
      - at end of period                         $ 52,797        $216,598

Additional cash flow information: (Note 7)


           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                        
                         AVNET, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS



1.  In the opinion of the Company, the accompanying unaudited consolidated
    condensed financial statements contain all adjustments (consisting of
    normal recurring accruals) necessary to present fairly the financial
    position as of December 31, 1993; the results of operations for the
    first halves and second quarters ended December 31, 1993 and January 1,
    1993; and the cash flows for the first halves ended December 31, 1993
    and January 1, 1993.


2.  The results of operations for the first half and second quarter ended
    December 31, 1993 are not necessarily indicative of the results to be
    expected for the full year.


3.  Inventories:
    (Thousands)

                                                December 31  June 30,
                                                  1993         1993  

    Finished goods                              $513,099     $422,823
    Work in process                                2,881        2,861
    Purchased parts and raw materials             82,598       66,085 

                                                $598,578     $491,769


4.  From time to time, the Company may become liable with respect to pending
    and threatened litigation, taxes and environmental and other matters. 
    During the fourth quarter of 1992, the Environmental Protection Agency
    (EPA) issued a remedial investigation and feasibility study in
    connection with the environmental clean-up at a Company-owned site in
    Oxford, NC for which the company has been designated a potentially
    responsible party.  The EPA's preliminary estimate of the cost of the
    clean-up alternative it has recommended is approximately $6.3 million. 
    In addition, past costs of the EPA have amounted to approximately $1.5
    million.  In May 1993, the Company settled its lawsuit against the prior
    owners of the site and entered into a Consent Decree and Court Order. 
    Pursuant to that settlement, the former owners have agreed to bear at
    least 70% of the clean-up cost of the site.  The Company will be
    responsible for not more than 30% of the clean-up costs.  In August 1993
    the Company and the former owners entered into a Consent Decree with the
    EPA pursuant to which the clean-up of the site will proceed.  The
    Company believes that it has adequately reserved for its share of the
    costs of the clean-up and it is not anticipated that any other
    contingent matters will have a material adverse impact on the Company's
    financial condition, liquidity or results of operations.


5.  Number of shares of common stock reserved
    for conversion, warrants, options and 
    other rights:                                         5,052,295

<PAGE>
                        
                          AVNET, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


6.  Solely for the purpose of calculating earnings per share for the second
    quarter and first half of the prior year ended January 1, 1993, common
    shares issuable upon conversion of the 6% Convertible Subordinated
    Debentures were considered common equivalent shares and the net interest
    expense applicable to such Debentures was eliminated.  In the current
    year's second quarter and first half these adjustments were not made
    because the impact of including the 6% Debentures would have been
    immaterial.


7.  Additional cash flow information:

    Other non-cash and reconciling items primarily include the provision for
    doubtful accounts and gains and losses on dispositions of marketable
    securities.  Non-cash financing costs include the issuance of $166.1
    million in Avnet stock in connection with the acquisition of Hall-Mark
    Electronics Corporation ("Hall-Mark").
  
    Cash expended for the acquisition of operations include primarily the
    cash paid for the acquisition of Hall-Mark and Adelsy.

    Interest and income taxes paid were as follows:
    (Thousands)                                           Fiscal
                                                  1994            1993  

    Interest                                    $  7,432        $  9,074
    Income taxes                                $ 37,063        $ 20,727

    
8.  On July 1, 1993, the Company completed the acquisition of all of the
    stock of Hall-Mark, the nation's third largest distributor of electronic
    components, pursuant to an Agreement and Plan of Merger dated April 20,
    1993.  Each share of Hall-Mark common stock was exchanged for $20 in
    cash and 0.45 shares of Avnet common stock, which had a market value of
    $34.1875 on July 1, 1993.  The total cost of the acquisition was
    approximately $487.6 million consisting of $212.0 million in cash (after
    consideration of Hall-Mark cash on hand, proceeds from the exercise of
    Hall-Mark options and warrants, and professional fees incurred in
    connection with the acquisition) and $166.1 million in Avnet stock for
    the Hall-Mark common stock, and $109.5 million for the refinancing of
    Hall-Mark bank debt.  The $321.5 million of funding required to complete
    the transaction was financed through cash on hand and borrowings under
    a credit facility with NationsBank of North Carolina, N.A.  The
    transaction has been accounted for as a purchase.

<PAGE>

 
                Item 2. Management Discussion and Analysis

Results of Operations


On July 1, 1993, Avnet completed the acquisition of Hall-Mark Electronics
Corporation, including its wholly-owned subsidiary Allied Electronics, Inc.
(together referred to as "Hall-Mark").  Prior to the acquisition, Hall-Mark was
the nation's third largest distributor of electronic components.  Immediately
after the acquisition, Hall-Mark was integrated into the Company's Electronic
Marketing Group.  Accordingly, the results of operations of the Company for the
second quarter and first half of fiscal 1994 ended December 31, 1993 includes
the results of Hall-Mark.  

In the second quarter of this year, consolidated sales were $850.5 million, up
61% as compared with sales of $526.8 million in the prior year's quarter and up
more than 20% when the prior year's sales are adjusted proforma to include Hall-
Mark sales.  Gross profit margins of 19.4% for the quarter were lower by 2.6% as
compared with 22.0% during the prior year period as competitive pressures and
sales of lower margin
microprocessors continued to increase.  However, operating expenses as a
percentage of sales, excluding depreciation and amortization, decreased by 3.7%
to 13.4% in the second quarter of this year as compared with 17.1% in the prior
year period reflecting the Company's continued emphasis on operating
efficiencies
as well as the impact of synergies achieved through the integration of
Hall-Mark. 
Depreciation and amortization were substantially higher in the current year's
second quarter and first half due primarily to the amortization of goodwill
associated with the Hall-Mark acquisition.  

Sales in the first half of fiscal 1994 were $1.728 billion or 63% higher than
the
$1.060 billion in the prior year period.  If Hall-Mark sales were included in
the
prior year first half, sales during fiscal 1994's first half would be 22%
higher. 
Gross profit margins in the first half of this year were 19.6% as compared with
22.0% in the prior year, a decline of 2.4%.  Operating expenses as a percentage
of sales, excluding depreciation and amortization, were 13.6% as compared with
16.9% last year. 

Investment and other income was down substantially in the second quarter and
first half of fiscal 1994 when compared with the comparable periods last year. 
This was due primarily to the liquidation of the Company's marketable securities
portfolio, the proceeds of which were used to partially fund the July 1, 1993
acquisition of Hall-Mark. Interest expense in the second quarter and first half
were both higher than in the prior year periods due primarily to the increase in
total debt outstanding as a result of the Hall-Mark acquisition.  The effective
tax rate increased in fiscal 1994 due primarily to the 1% increase in federal
income tax rates and the impact of the non-deductible amortization of goodwill
which arose in connection with the acquisition of Hall-Mark.

As a result of the above, net income for the second quarter and first half
(before one-time special charges recorded in the first quarter) were $23.6
million and $47.7 million, respectively up 52% and 47% when compared with the
comparable prior year periods.

<PAGE>
During the first quarter of 1994 the Company recorded one time special charges
which negatively impacted net income by $16.8 million or $0.41 per share.  After
such charges, net income for the first half was $30.9 million or $0.76 per
share. 
The one-time charges included $22.7 million ($13.5 million after tax) of
restructuring and integration costs associated with the July 1, 1993 acquisition
of Hall-Mark and the restructuring of the Electrical and Industrial Group. 
These costs included accruals for severance, anticipated real and personal
property
lease terminations, relocation of employees, inventory adjustments related to
anticipated supplier terminations and other items.  Other non-recurring charges
in the first quarter were the $0.5 million impact of the retroactive increase in
federal income tax rates as it relates to fiscal 1993 income and the $2.8 
million cumulative effect of the change in the method of accounting for
income taxes as a result of the Company's adopting Statement of Financial
Accounting Standard (SFAS) No. 109.  

Sales per day during January, the first month of the third quarter, were higher
than in the comparable period last year when adjusted to include the sales of
Hall-Mark on a proforma basis, and were about the same as in October, the
first month of the immediately preceding quarter.

The Electronic Marketing Group's fiscal 1994 second quarter and first half sales
accounted for 88% of consolidated sales as compared with 85% in the prior year
periods.  Group sales were up by 68% and 69% respectively in the second quarter
and first half as compared with the comparable periods last year, due
principally to the Hall-Mark acquisition, a strong sales performance at
Hamilton Hallmark and the Avnet Computer Group and a significant increase in
the Group's European volume.  Gross profit margins in both the second quarter
and first half of this year were lower than in the prior year periods, but
lower operating expenses as a percentage of sales more than offset the
decrease in gross profit margins. Although the decrease in investment and
other income and the increase in the effective tax rate resulted in a
slightly lower net income margin this year as compared with last year, net 
income (before special charges) increased more than 40% in both the second
quarter and first half.  

The Video Communications Group's second quarter sales of $58.4 million, which
represented 7% of consolidated sales, were up 51% as compared with the prior
year's quarter, while first half sales of $116.3 million were up almost 75% over
the prior year period.  This sales increase was due primarily to the sales
volume of replacement satellite TV signal decoding mechanisms.  Net income
was up substantially compared with the prior year's first half (which 
included the losses incurred by the Far East operations that have since been
closed).  

The Electrical and Industrial Group, with 5% of consolidated sales, posted
slightly lower revenues and a small loss for the second quarter and first half
due principally to continued sluggishness in the Group's factory maintenance and
repair parts businesses.  

Liquidity and Capital Resources

During the first half of fiscal 1994, the Company used $326.2 million for the
acquisition of Hall-Mark and Adelsy.  Additionally, the Company used $33.6
million for operations and $18.6 million, net for the purchases of property,
plant and equipment, cash dividends and other items.  Of the $378.4 million use
of funds, $211.4 million was obtained by the Company from short-term bank
borrowings and $167.0 million came from the Company's available cash.  
The Company's quick assets at December 31, 1993 totaled $549.6 million compared
with $579.0 million at June 30, 1993, and exceeded the Company's current
liabilities by $179.6 million compared with a $306.5 million excess at June 30,
1993.  Working capital at December 31, 1993 was $786.2 million compared with
$803.1 million at June 30, 1993.  At the end of the second quarter, to support
each dollar of current liabilities, the Company had $1.48 of quick assets and
$1.64 of other current assets for a total of $3.12 of current assets compared
with $3.95 at June 30, 1993.  

In order to fund the acquisition of Hall-Mark, the Company established a credit
arrangement with NationsBank of North Carolina, N.A. ("NationsBank").
That credit arrangement has been restructured and
currently consists of a $75 million revolving bridge loan facility with
NationsBank and a three-year revolving credit facility with a syndication of
banks which provides a line of credit up to $150.0 million.  The Company may
select from various interest rate options and maturities under both facilities. 
In January 1994 the Company filed a "shelf" registration statement with the
Securities and Exchange Commission which provides for borrowings of up to $200
million in public debt over the next two years.  The Company anticipates that it
will complete a public debt offering in the near future, and use the proceeds to
pay down a portion of its outstanding bank debt.  At this time the Company
anticipates an initial borrowing under the registration statement in the range
of $100 to $125 million.  

During the first half of fiscal 1994, shareholders' equity increased by $190.4
million, principally as a result of the issuance of common stock in connection
with the acquisition of Hall-Mark.  Long-term debt increased by $137.5 million
due primarily to borrowings under the newly established three-year revolving
credit facility described above.  Short-term borrowings consist mainly of the
balance due under the NationsBank revolving bridge loan facility.  At December
31, 1993 the Company's long-term debt amounted to $244.1 million or 18.7% of
capital.  If the NationsBank loan was included as long-term debt, the ratio of
debt to capital would be 23.2%.  The Company's favorable balance sheet ratios
would facilitate additional financing if, in the opinion of management, such
financing would enhance the future operations of the Company.

Currently, the Company does not have any commitments for material capital
expenditures.  The Company is not aware of any commitments, contingencies,
trends, events or uncertainties which are anticipated to have a material adverse
impact on the Company's financial condition or which may significantly alter its
ability to generate sufficient cash from internal or external sources to meet
its
needs.  However, reference is made to Note 4 of the financial statements, which
Note is incorporated as if fully set forth herein,  and which describes an
environmental clean-up of a Company-owned site in Oxford, North Carolina.  In
addition, in October 1993, the Company received a notice of claim from the New
York State Department of Environmental Protection in connection with a proposed
remedial investigation at a site formerly owned by the Company's Video
Communications Group in Huguenot, New York.  The Company is currently
investigating the nature and extent of its potential liability in connection
with the remedial investigation,  which has not yet been determined.






                         AVNET, INC. AND SUBSIDIARIES
                                                                               
                                                                  EXHIBIT 11.1

                  COMPUTATION OF EARNINGS PER SHARE - PRIMARY

                                                      First Half Ended

                                                 December 31,    January 1,
                                                     1993          1993    
                                                          (unaudited)
A.  Primary earnings per share:

      Common shares outstanding
        (weighted average)                        40,543,523     35,549,163
       
      Common equivalent shares:
        Conversion of convertible debentures
          (weighted average) (Note 6)                --           2,448,487

        Contingent shares issuable                   108,304        109,548    
 
        Exercise of warrants and options
          using the treasury method                  162,643         93,835

      Total common and common equivalent
        shares                                    40,814,470     38,201,033

      Income before cumulative effect of
        change in accounting                     $33,711,699    $32,364,394

      Interest expense on convertible
        debentures - net of taxes (Note 6)            --          1,927,630

      Income used for computing earnings
        per share before cumulative effect
          of change in accounting                $33,711,699    $34,292,024

      Cumulative effect of change in
        accounting                              (  2,790,839)        --    

      Income used for computing earnings
        per share                                $30,920,860    $34,292,024

      Primary earnings per share:

        Income before cumulative effect of
          accounting change                            $0.83         $0.90
  
        Cumulative effect of change in
          accounting for income taxes                 (  .07)        --    

      Net income                                       $ .76         $0.90 

           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                        
                         AVNET, INC. AND SUBSIDIARIES
                                                                               
                                                                    EXHIBIT 11.1

                  COMPUTATION OF EARNINGS PER SHARE
 - PRIMARY




                                                    Second Quarter Ended

                                                 December 31,      January 1,
                                                     1993            1993    
                                                          (unaudited)
A.  Primary earnings per share:

      Common shares outstanding
        (weighted average)                        40,557,831       35,562,495
       
      Common equivalent shares:
        Conversion of convertible debentures
          (weighted average) (Note 6)                --             2,448,487

        Contingent shares issuable                   109,529          113,506  
   
        Exercise of warrants and options
          using the treasury method                  168,591          102,788

      Total common and common equivalent
        shares                                    40,835,951       38,227,276

      Net Income                                 $23,601,764      $15,500,660

      Interest expense on convertible
        debentures - net of taxes (Note 6)            --              963,815

      Income used for computing earnings
        per share                                $23,601,764      $16,464,475

    Primary earnings per share                   $       .58      $       .43

















           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                        
                      AVNET, INC. AND SUBSIDIARIES

                                                                               
                                                                    EXHIBIT 11.2

               COMPUTATION OF EARNINGS PER SHARE - FULLY DILUTED


                                                     First Half Ended

                                                December 31,    January 1,
                                                   1993           1993    
                                                        (unaudited)

B.  Fully diluted earnings per share:

      Common and common equivalents (Note 6)      40,814,470       38,201,033

      Additional dilution upon exercise
        of options and warrants                       64,589           22,064

      Total fully diluted shares                  40,879,059       38,223,097

      Income before cumulative effect of
        change in accounting                     $33,711,699      $32,364,394

      Interest expense on convertible
        debentures - net of taxes (Note 6)           --             1,927,630

      Income used for computing earnings
        per share before cumulative effect
          of change in accounting                $33,711,699      $34,292,024

      Cumulative effect of change in
        accounting                              (  2,790,839)         --     

      Income used for computing earnings
        per share                                $30,920,860      $34,292,024

      Fully diluted earnings per share:

        Income before cumulative effect of
          accounting change                            $0.83            $0.90

        Cumulative effect of change in
          accounting for income taxes                 ( 0.07)         --     

      Net income                                       $0.76            $0.90



                                       





           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                         AVNET, INC. AND SUBSIDIARIES

                                                                               
                                                                    EXHIBIT 11.2

               COMPUTATION OF EARNINGS PER SHARE - FULLY DILUTED





                                                    Second Quarter Ended

                                                December 31     January 1,
                                                   1993           1993    
                                                        (unaudited)

B.  Fully diluted earnings per share:

      Common and common equivalents (Note 6)      40,835,951       38,227,276

      Additional dilution upon exercise
        of options and warrants                       39,435           33,712

      Total fully diluted shares                  40,875,386       38,260,988

      Net income                                 $23,601,764      $15,500,660

      Interest expense on convertible
        debentures - net of taxes (Note 6)           --               963,815

      Income used for computing earnings
        per share                                $23,601,764      $16,464,475

      Fully diluted earnings per share                 $0.58            $0.43



                                       

















           SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

<PAGE>
                               S I G N A T U R E



      Pursuant to the requirements of the Securities Exchange Act of 1934,
      the registrant has duly caused this report to be signed on its
      behalf by the undersigned, thereunto duly authorized.

















                                    Avnet, Inc.
                                    (Registrant)



                                    By: s/Raymond Sadowski                  
        
                                        Raymond Sadowski
                                        Senior Vice President,
                                        Chief Financial Officer
                                        and Assistant Secretary





                                    By: s/ John F. Cole                     
                                        John F. Cole
                                        Controller and Principal 
                                        Accounting Officer
      

February 14, 1994
      Date