Sysco weathers fiscal threats successfully
Nov 1, 2004 11:29 AM, from staff and wire reports
Sysco Corp, the Houston TX-based foodservice marketer and distributor, announced results for the first quarter of its fiscal year 2005 that ended Oct 2, 2004. Net earnings climbed 8.2% to $225.9 million versus $208.8 million in the fiscal first quarter a year earlier. Sales rose 5.6% to $7.5 billion versus $7.1 billion in the first quarter of fiscal 2004. Operating expenses as a percent of sales were 14.01%, a 35-basis point reduction in comparison with 14.36% in the same period a year ago.
Richard J Schnieders, chairman and chief executive officer, said, “The first-quarter performance represents a terrific response by our associates to several strong and challenging factors, most notably the unprecedented weather impact from the four hurricanes they faced during the quarter.”
He said that of the 11 broadline operations in Florida and neighboring states affected by hurricanes that hit the southeastern United States, nine of those companies recorded first-quarter sales greater than first-quarter sales a year earlier.
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