Sysco Corporation (NYSE:SYY) has reported financial results for its 13-week fourth quarter and 52-week fiscal year 2012 that ended June 30, 2012.
“Market conditions remained challenging throughout the year due to increasing product costs and an uneven economic recovery. Nevertheless, we successfully supported our customers and grew our share of market,” said Bill DeLaney, Sysco’s president and chief executive officer.
Sales for the fiscal fourth quarter were $11.0 billion, an increase of 5.9% over sales in the same period a year ago. Food cost inflation, as measured by the estimated change in Sysco’s product costs, was 3.3%.
Gross profit for the fourth quarter was $2.0 billion, a gain of 2.9% versus the prior year. Operating expenses in the fourth quarter rose $103 million, or 7.4%, compared with operating expenses in the prior year period.
Operating income was $515 million in the fourth quarter, decreasing $45 million, or 8.1% compared with operating income in the prior year. Adjusted operating income was $608 million, an increase of 2.2% from the same period a year ago.
Net earnings for the fourth quarter were $309 million, a decrease of $27 million, or 8.0%, from the prior year.
For fiscal 2012, sales totaled $42.4 billion, an increase of 7.8% compared with sales in the same period a year earlier.
Gross profit for fiscal 2012 was $7.7 billion, a 3.8% increase over the prior year. Operating expenses climbed $323 million, or 5.9%, compared with operating expenses in the prior year period. Adjusted operating expenses were $5.6 billion, an increase of 4.1% from the prior year.
Operating income was $1.9 billion in fiscal 2012, a decrease of 2.1% from the prior year. Adjusted operating income was $2.1 billion, a gain of 3.0% from the prior year.
Net earnings for fiscal 2012 were $1.1 billion, a decrease of $30 million, or 2.6%, from the prior year period.
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