Sysco (SYY)

Sysco reported net earnings for the first quarter were $326 million, an increase of $49 million, or 17.8%, and diluted EPS was $0.55, an increase of $0.09, or 19.6%, compared to the prior year period. Sales for the first quarter were $9.1 billion, a decrease of 8.1% compared to the same period last year.
"I am pleased with our solid operating performance this quarter," said Bill DeLaney, Sysco's chief executive officer. "In the midst of what continues to be an extremely challenging business environment, our operating companies managed expenses extraordinarily well. Our sales decline was largely caused by the impact of reduced consumer spending experienced by much of our customer base, as well as significant food cost deflation. Looking forward, we are encouraged by the stabilization of our volume trends in recent weeks and we remain committed to supporting our customers through this most difficult period in our industry's history."

Nov 2 · 11:39:00 AM · Source: Company Press Release
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by Rich Pike