Sysco Corp’s sales dip,
net earnings increase
in fiscal second quarter
Feb 3, 2010 10:45 AM
Houston TX-based foodservice provider Sysco Corporation announced its financial results for its 13-week second quarter ended December 26, 2009.
Sales for the fiscal 2010 second quarter were $8.9 billion, a decrease of 3.1% compared with the same period a year earlier. Operating expenses declined $96 million, or 7.2%, for the second quarter of fiscal 2010 versus the prior year period. Operating income increased $40 million, or 9.6%, to $462 million during the second quarter, and operating margin was 5.2%.
Net earnings for the second quarter were $268 million, an increase of $31 million, or 12.9%.
For the first half of fiscal 2010, sales were $17.9 billion, a decline of 5.7% compared with the same period a year ago. Operating expenses fell $227 million, or 8.4%, for the first half of fiscal 2010 versus the prior year period. Operating income rose $33 million, or 3.6%, to $960 million during the first half of fiscal 2010, and operating margin was 5.3%.
Net earnings for the first half of fiscal 2010 were $595 million, a gain of $80 million, or 15.6%.
“I am encouraged by our operating performance this quarter,” said Bill DeLaney, Sysco’s chief executive officer. “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.”
© 2013 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus