HOUSTON, Feb. 2, 2015 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced financial results for its 13-week second fiscal quarter ended December 27, 2014. Financial comparisons presented below are compared to the same period in the prior year. Adjusted financial results exclude certain items which, in fiscal 2015, are primarily related to merger and integration expenses.
Second Quarter Fiscal 2015 Highlights
- Sales increased 7.6% to $12.1 billion;
- Gross profit increased 6.1% to $2.1 billion; gross margin decreased 23 basis points to 17.25%;
- Adjusted operating income increased 3.1% to $396 million;
- Operating income decreased 10.3% to $315 million;
- Adjusted diluted earnings per share (EPS) increased 5.1% to $0.41; and
- Diluted EPS decreased 25.0% to $0.27.
First Half Fiscal 2015 Highlights
- Sales increased 6.9% to $24.5 billion;
- Gross profit increased 6.0% to $4.3 billion; gross margin decreased 14 basis points to 17.42%;
- Adjusted operating income increased 4.7% to $905 million;
- Operating income decreased 5.9% to $781 million;
- Adjusted diluted EPS increased 5.7% to $0.93; and
- Diluted EPS decreased 13.1% to $0.73.
"Our second quarter financial results were generally in-line with our expectations, as we made consistent progress on our business transformation initiatives and did a good job of remaining focused on the needs of our customers. As a result, we generated solid case volume growth of nearly 4% and managed acute inflationary pressures effectively," said Bill DeLaney , Sysco's president and chief executive officer. "We continue to have opportunities to improve our management of operating expenses and have multiple initiatives underway to address this area of our business." Full report.
