Sysco Announces First Quarter Net Sales
Houston, TX
Sysco Corporation has announced the financial results for its 13-week first fiscal quarter ended September 29, 2012.
First Quarter Fiscal 2013 Highlights:
- ∗ Sales were $11.1 billion, an increase of 4.7% from $10.6 billion in the first quarter of fiscal 2012, and Sysco's highest quarter on record.
- ∗ Operating income was $479 million, a decrease of 6.0%, compared to $509 million in last year's first quarter.
- ∗ Adjusted1 operating income, which reflects the performance of our underlying business, was $563 million, an increase of 2.0% compared to last year's first quarter.
- ∗ Diluted earnings per share (EPS) were $0.49, which was 3.9% lower compared to $0.51 in last year's first quarter. Earnings were impacted by certain items1, primarily related to severance charges, which equated to a $0.01 negative impact to EPS.
- ∗ Excluding certain items and business transformation expenses, adjusted diluted EPS was $0.58, an increase of 3.6% compared to the prior year period.
"Solid sales growth and effective overall operating expense management contributed to increased adjusted EPS in our underlying business for the quarter. Volume gains drove our top line growth as food cost inflation moderated from the historically high levels experienced in recent quarters," said Bill DeLaney, Sysco's president and chief executive officer. "Regarding our multiyear business transformation initiative, we recently achieved a significant milestone by successfully and simultaneously deploying for the first time our new technology platform in two operating companies."
