Foodservice provider Sysco Corporation (NYSE:SYY) has announced financial results for its 13-week fiscal second quarter ended December 29, 2012.
“We had solid case growth during the quarter, which was driven by both organic and acquisition growth,” said Bill DeLaney, Sysco’s president and chief executive officer. “Our 47,000 associates continued to effectively support our customers in the midst of challenging market conditions, including the impact of Hurricane Sandy.”
Sales for the second quarter were $10.8 billion, an increase of 5.4% compared with sales in the same period a year ago.
Gross profit for the second quarter was $1.9 billion, an increase of 3.9% from the prior year.
Operating expenses in the second quarter rose $116 million, or 8.2%, versus operating expenses in the prior year period. Operating income was $383 million in the second quarter, decreasing $44 million, or 10.4% compared with operating income in the prior year. Excluding certain items and business transformation expenses, adjusted operating income increased 4.6%.
Net earnings for the second quarter were $221 million, a decline of $29 million, or 11.5% from the prior year.
Sales for the first half of fiscal 2013 were $21.9 billion, an increase of 5.1% compared with sales in the same period a year earlier.
Gross profit for the first half was $3.9 billion, a gain of 3.4% versus the prior year.
Operating expenses in the first half climbed $203 million, or 7.1%, compared with operating expenses in the prior year period. Operating income was $861 million in the first half, falling $75 million, or 8.0% versus operating income in the prior year. Excluding certain items and business transformation expenses, adjusted operating income rose 3.1%.
Net earnings for the first half were $508 million, a decrease of $45 million, or 8.1% compared with the prior year.
For more information, visit www.sysco.com.
