Sysco Corp. (NYSE: SYY), Houston, TX, reported fourth quarter sales for the fiscal year ended June 30, 2012, of $11 billion, an increase of 5.9 percent from the fourth quarter of fiscal 2011. Profit fell 8 percent to $309.3 million.
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Food cost inflation, as measured by the estimated change in Sysco's product costs, was 3.3 percent. Inflation in the fourth quarter was mainly driven by increases in the poultry, meat and canned/dry goods categories.
For the full year, sales were $42.4 billion, 7.8 percent above the prior year. Profit dipped 2.3 percent to $1.1 billion. Food cost inflation for the period was 5.5 percent; Inflation declined steadily throughout the year from a high of 7.3 percent in the first quarter of fiscal 2012.
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