Foodservice distributor Sysco Corp. (NYSE: SYY), Houston, TX, reported sales for the full year ended June 28, 2014, of $46.5 billion, up 4.7 percent year-over-year. Profit was $932 million, a decrease of 6.1 percent compared to the prior year.
Sales for the fourth quarter were $12.3 billion, a 5.9 percent increase over the same period a year ago. Profit decreased 10.2 percent to $254 million.
Food cost inflation was 2.1 percent as measured by the estimated change in Sysco's product costs, driven mainly by inflation in the meat, seafood and dairy categories. In addition, sales from acquisitions within the last 12 months increased sales by 1.4 percent, offset by the impact of changes in foreign exchange rates for the fiscal year which decreased sales by 0.6 percent.