Sysco Announces Additional Corporate Job Cuts in Tandem With Second Quarter Fiscal 2019 Results
HOUSTON, TX - Foodservice giant Sysco announced the results of its second fiscal quarter this week. The company cited topline growth and continued investments in its international operations as highlights of a quarter that exceeded analysts expectations. The company also announced its intentions to streamline its business and implement “an approximate 10 percent reduction in salaried corporate support positions” in order to “drive continued growth and value creation.”
“Our second quarter results were in line with our expectations,” said Tom Bené, Sysco’s Chairman, President and Chief Executive Officer. “We saw solid topline growth, while we continue making investments in our business, particularly in our international segment. We remain focused on exceeding our customers’ expectations, while continuing to manage costs, and anticipate seeing additional benefit from our cost savings initiatives in the second half of this fiscal year.”
Second Quarter Fiscal 2019 Highlights include:
- Sales increased 2.5% to $14.8 billion
- Gross profit increased 2.7% to $2.8 billion; gross margin increased 4 basis points
- Operating income decreased 14.5% to $451.9 million; adjusted operating income increased 4.8% to $603.3 million
- EPS decreased $0.03 to $0.51; adjusted EPS decreased $0.03 to $0.75
To learn more about Sysco’s Q2 2019, read the company’s financial report in its entirety here.
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