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Sysco 3Q Net Slips 22% Amid Higher Expenses

Sysco (NYSE:SYY) revealed a worse-than-expected 22% decline in fiscal third-quarter profit on Monday as the dampened economy caused some consumers to pull back on discretionary spending.The Houston, Texas-based food distributor, whose clients are mostly restaurants and universities, blamed the disappointing results on the weak fiscal environment and difficult market that it says have triggered a flight to financial safety among consumers.Restaurants have had a roller coaster ride throughout the last five years, with sales sometimes matching seasonal trends and swinging drastically below expectations other times. Higher expenses further squeezed Sysco's margins, growing 9.8% amid food cost inflation of 2.4%.In its most recent quarter, the company posted net earnings of $201 million, or 34 cents a share, compared with a year-earlier profit of $259.6 million, or 44 cents a share.Excluding one-time items, Sysco said it earned 40 cents a share, below average analyst estimates of 43 cents a ...

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  1. Sysco Third-quarter Earnings Fall To $201 Million

    Sysco Corp. reported its third-quarter profit fell to $201 million, or 34 cents a share, from $260 million, or 44 cents a share, a year earlier. Adjusted earnings we...

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  3. Restaurant Traffic Softened Last Month, Says Food-Service Provider

    Restaurants are taking a hit this winter as the icy economy keeps people from going out to eat, says Sysco Corp. (SYY), one of the nation's biggest food providers fo...

  4. Sysco 2Q Profit Slumps as Meat Prices Grow

    Sysco (NYSE:SYY) revealed stronger-than-expected second-quarter earnings and sales on Monday, as an increase in case volume helped offset higher costs for poultry an...

  5. Sysco 2nd-Quarter Profit Fell 11.5% on Higher Restructuring-Related Costs

    Sysco Corp.'s (SYY) fiscal second-quarter earnings fell 11.5% as the food-services distributor posted higher restructuring-related charges and other items that offse...

  6. Restaurants Get Creative as Wing Prices Take Flight

    The smallest part of the bird is becoming one big problem for restaurants.As farmers raise fewer--but bigger--chickens, chicken wing supply is getting tighter, forci...

  7. Sysco 1Q Profit Shrinks

    Sysco (NYSE:SYY) reported a 5.3% decline in first-quarter profit and weaker-than-expected sales on Monday, weighed down by severance charges related to its multi-yea...

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