Sysco sales dive 23% in second quarter

Feb. 2, 2021

The food distributor's revenue for the quarter fell 23.1% to $11.56 billion from $15.03 billion last year. Excluding items, Sysco reported adjusted earnings of $85.86 million, or $0.17 per share, for the period, below estimates. Analysts had expected the company to earn $0.34 per share, 

Sysco Corp. (NYSE: SYY) today announced financial results for its 13-week second fiscal quarter, ended Dec. 26, 2020.

Second Quarter Fiscal 2021 Highlights

  • Sales decreased 23.1% to $11.6 billion.
  • Gross profit decreased 25.8% to $2.1 billion; gross margin decreased 67 basis points.
  • Operating income decreased 61.6% to $212.1 million; adjusted1 operating income decreased 62.7% to $234.1 million.
  • Earnings per share (“EPS”) decreased $0.61 to $0.13; adjusted1 EPS decreased $0.68 to $0.17.

First Half Fiscal 2021 Highlights

  • Sales decreased 23.1% to $23.3 billion.
  • Gross profit decreased 25.2% to $4.3 billion; gross margin decreased 53 basis points.
  • Operating income decreased 48.3% to $631.6 million; adjusted1 operating income decreased 56.3% to $598.7 million.
  • EPS decreased $1.06 to $0.56; adjusted1 EPS decreased $1.32 to $0.51.

“We are making bold progress against our transformation agenda, while managing our business in a complex climate, and enabling accelerated growth by improving how we serve our customers and differentiate ourselves from competitors. Additionally, with a COVID business recovery in sight, we are preparing for the upcoming increase in demand, and Sysco will be best positioned for a strong rebound due to our industry-leading financial strength and ability to invest in inventory, staffing and service levels,” said Sysco president and chief executive Kevin Hourican.

Click here to see Sysco's full Q2 announcement.


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