Sysco Q2 Operating Income Increases 9.6%
Published:01-February-2010
By Staff Reporter
Sysco has reported operating income of $462m for the second quarter of fiscal 2009, an increase of 9.6% compared to $422m for the previous year quarter. Sales for the quarter was $8.9bn, an decrease of 3.1% compared to $9.1bn for the same quarter previous year.
Diluted earnings per share (EPS) was $0.45, an increase of 12.5% compared to $0.4 for the same period last year. Net earnings for the second quarter were $268m, an increase of 12.9% compared to the same period prior year.
Food cost deflation measured by the estimated change in Sysco’s cost of goods, was 3.5% percent for the quarter. Sales from acquisitions (within the last 12 months) increased sales by 0.6%. The impact of changes in foreign exchange rates for the quarter increased sales by 1.2%.
For the first half of fiscal 2009, operating income was $960m, an increase of 3.6% compared to $927m for the corresponding period prior year. Sales for the first half of the quarter was $17.9bn, a decrease of 5.7% compared to $19.0bn for the prior year period. Diluted EPS was $1, an increase of 16.3% compared to $0.86 in last year’s first half. Net earnings for the first half of fiscal 2010 were $595m, an increase of $80m or 15.6% compared to the prior year period.
Bill DeLaney, Sysco’s chief executive officer of Sysco, said: “I am encouraged by our operating performance this quarter. While the business environment remains challenging, deflation pressures appear to be moderating from highs we saw early in the quarter and case volume trends continue to improve.
“ I want to recognize our associates for their efforts during the quarter, as they continued to provide excellent service to our customers, improve productivity and maintain strong cost controls.”
