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Sysco 1Q Earnings Down 8.3% On Fewer Gains; Food, Overhead Costs Rise

DOW JONES NEWSWIRES Sysco Corp.'s (SYY) fiscal first-quarter earnings fell 8.3% on fewer tax and insurance gains, and as the food-service distributor reported stronger demand but was hurt by rising food and overhead costs. The result missed analysts' expectations. President and Chief Executive Bill DeLaney said, "While our overall sales increase and operating expense management were encouraging, we missed our goal for operating income growth, largely due to a decline in gross profit margin and higher pension costs." Signs are emerging from a number of sources that consumers are beginning to eat out more after cutting back on restaurant visits during the recession. Sysco began building up its sales force last year after several years of trimming staff. The company, which already was North America's largest food-service distributor, aimed to increase market share further as demand began to stabilize. However, prices of staple foods such as dairy, meat and produce have risen sharply in recent months. For the quarter ended Oct. 2, Sysco reported a profit of $299.1 million, or 51 cents a share, down from $326.2 million, or 55 cents a share, a year earlier. The latest period included a 2 cent-a-share gain related to corporate-owned life insurance, while the prior year included gains of 9 cents a share related to a tax settlement and corporate-owned life insurance. Revenue increased 7.4% to $9.75 billion as the company reported its strongest volume growth since early 2007. Analysts polled by Thomson Reuters most recently forecast earnings of 51 cents a share on revenue of $9.55 billion. Gross margin fell to 18.8% from 19.3% on rising costs of food and other commodities. Operating expense rose 6%. Shares closed Friday at $30.03 and traded at $29.79 in recent premarket activity. -By Tess Stynes, Dow Jones Newswires; 212-416-2481;;

Stock News for Sysco (SYY)
11/24/201517:22:58Statement of Changes in Beneficial Ownership (4)
11/23/201515:31:22Confidential Treatment Order (ct Order)
11/19/201518:56:25Statement of Changes in Beneficial Ownership (4)
11/19/201518:54:34Statement of Changes in Beneficial Ownership (4)
11/19/201518:54:04Statement of Changes in Beneficial Ownership (4)
11/19/201518:53:38Statement of Changes in Beneficial Ownership (4)
11/19/201518:52:01Statement of Changes in Beneficial Ownership (4)
11/19/201518:49:58Statement of Changes in Beneficial Ownership (4)
11/19/201518:47:59Statement of Changes in Beneficial Ownership (4)
11/19/201517:04:05Current Report Filing (8-k)
11/19/201503:02:00Shares Of Deal Targets Reflect Regulatory Fear
11/18/201509:03:00Sysco Corp. Raises Quarterly Dividend by 3.3%
11/18/201508:00:00Sysco Increases Quarterly Dividend Payment
11/18/201506:05:02Current Report Filing (8-k)
11/06/201516:54:44Statement of Changes in Beneficial Ownership (4)
11/06/201516:52:51Statement of Changes in Beneficial Ownership (4)
11/04/201519:08:00XPO Courts Big Shippers With Trucking Appointment
11/03/201506:07:39Quarterly Report (10-q)
11/02/201513:18:00Sysco Earnings Struggle After Failed US Foods Merger--Update
11/02/201510:00:00Sysco Earnings Struggle After Failed US Foods Merger

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