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Sysco Corp finds sunshine amid the storm

Sysco Corp, the Houston TX-based foodservice marketer and distributor, announced that net earnings climbed 16.3% to $195.8 million for its fiscal third quarter that ended March 27, 2004, compared with $168.4 million in 2003's third quarter.

Sales increased 9.9% to $7.0 billion versus $6.4 billion in the third quarter of fiscal 2003. Operating expenses as a percent of sales declined 70 basis points, or 14.35% compared with 15.05% in the same period a year earlier.

Richard J Schnieders, Sysco chairman and chief executive officer, said, “I am extremely proud of the way our associates performed during the third quarter. They quite literally weathered the storm, and in the process helped our customers do the same. Our sales and earnings performance was exceptional in a quarter which historically has been a soft period and which this year was marked by eight weeks of severe winter weather in a number of markets.”

TAGS: Foodservice
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