Sysco Fiscal 2Q Sales Up 41%

The foodservice distributor reported fiscal 2022 second-quarter sales of $16.3 billion.
TriMas 1Q 2022 earnings

Foodservice distributor Sysco Corp. (NYSE: SYY) of Houston reported fiscal 2022 second-quarter sales of $16.3 billion, an increase of 41.2% compared to the same period last year.

“The exit rate for the second quarter continued to grow compared to the same period in fiscal year 2021, but decelerated in December due to disruptions from the Omicron variant,” the company said.

Sysco reported that 2Q gross profit increased 37.8% to $2.9 billion, and gross margin decreased 44 basis points to 17.7%, compared in each case to the same period last year.

The increase in gross profit for the second quarter was primarily driven by “higher volumes and high rates of inflation that were effectively managed.”

Operating expenses jumped to $559.8 million, or 29.7%, compared to the same period last year, driven by “increased volumes, one-time expenses associated with the snap-back, and investments against our transformational initiatives,” Sysco said.

Adjusted operating expenses in 2Q increased $531.1 million, or 28.5%, compared to the same period in 2021.

Operating income was $444.9 million, an increase of $232.8 million, or 109.8%, compared to the same period last year. Adjusted operating income was $495.7 million, an increase of $261.6 million compared to the same period in 2021, the company said.

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