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For the first half of fiscal 2011, sales were $19.1 billion, up 6.6 percent over the first half of fiscal 2010. Profit decreased 6.3 percent to $557 million.
"Our financial results for the second quarter reflect the unfavorable impact of certain market conditions and operational challenges that we were unable to fully overcome in the near term," said Bill DeLaney, president and CEO. "Specifically, accelerating and significant food cost inflation negatively impacted our customers' purchasing budgets, contributed to increased gross margin pressure and meaningfully increased our selling expense. In addition, higher year over year pension and fuel costs also adversely impacted our ability to grow operating earnings over the prior year."