Sysco Corporation (NYSE:SYY) has reported financial results for its 14-week fiscal fourth quarter and 53-week fiscal year 2010 ended July 3, 2010.
Fourth quarter 2010 sales were $10.3 billion, a gain of 13.9% from $9.1 billion in the fourth quarter of fiscal 2009. When adjusted to a 13-week basis, sales in the fourth quarter of fiscal 2010 were up 5.8% compared with the prior year period. Net earnings for the fourth quarter were $338 million, an increase of $22 million, or 7.1%. Operating income was $584 million, an increase of 8.1% versus $540 million in 2009’s fourth quarter. When adjusted to a 13-week basis, operating income in the fourth quarter of fiscal 2010 rose 0.4% compared with the prior-year period.
For fiscal 2010, sales of $37.2 billion were 1.1% higher than the $36.9 billion in the prior year. When adjusted to a 52-week basis, sales in fiscal 2010 declined 0.9% versus the prior year. Net earnings for fiscal 2010 were $1.2 billion, an increase of $124 million, or 11.7%, compared with the prior year. Operating income was $2.0 billion, an increase of 5.5% in contrast to $1.9 billion in the prior year. When adjusted to a 52-week basis, operating income in fiscal 2010 climbed 3.3% versus the prior-year period.
“I am pleased and appreciative of the solid financial results our associates produced this past year,” said Bill DeLaney, Sysco’s president and chief executive officer. “Volume trends improved as the year progressed, and we executed at a high level both in supporting our customers and improving productivity in all aspects of our business. While the extent, pace, and consistency of the economic recovery are not clear, the foundation of Sysco’s business is strong, and we are well-positioned to capitalize on opportunities that materialize as we move forward.”