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Foodservice distributor Sysco Corp. (NYSE:SYY), Houston, TX, reported sales for the third quarter fiscal 2011 were $9.8 billion, an increase of 9.1 percent from the prior-year period.
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Food cost inflation, as measured by the estimated change in Sysco's product costs, was 5.1 percent, driven mainly by high levels of inflation in the meat, seafood and canned/dry categories. This compares to deflation of 0.8 percent in the prior year period. In addition, sales from acquisitions (within the past 12 months) increased sales by 0.6 percent, and the impact of changes in foreign exchange rates for the third quarter increased sales by 0.6 percent.
Profit for the third quarter was $258 million.
Year-to-date sales were $28.9 billion, an increase of 7.4 percent from the prior-year period. Food cost inflation, as measured by the estimated change in Sysco's product costs, was 4.2 percent driven mainly by high levels of inflation in the meat, seafood, and dairy categories. Sales from acquisitions (within the last 12 months) increased sales by 0.6 percent. The impact of changes in foreign exchange rates for the first three quarters of the year increased sales by 0.5 percent.
Profit was $816 million for the first nine months.
"Particularly encouraging is our case volume growth in the midst of ongoing product inflation and a sluggish economic recovery," said Bill DeLaney, Sysco's president and chief CEO. "Our leadership team remains highly focused on supporting our customers and improving productivity in all aspects of our business."