Foodservice distributor Sysco Corp. (NYSE: SYY) of Houston reported 2022 fiscal first-quarter sales of were $16.5 billion, an increase of 39.7% compared to the same period the prior year.
The company’s gross profit increased 33.9% to $3 billion, while operating income was $631.7 million, an increase of $212.1 million, or 50.6%, compared with the same period last year.
Sysco said its U.S. operations saw “continued growth” during its latest quarter. Sales in that segment were $11.6 billion, an increase of 46.5% compared to fiscal first quarter of 2021.
“Sysco delivered strong results this quarter, fueled by meaningful market share gains,” said Kevin Hourican, Sysco’s president and CEO.” These results reflected sequential top-line improvements and another quarter of net new business wins, continued efficient pass through of inflation, including an increase in gross profit per case, as well as substantial effort by our merchandising team to improve customer fill rates despite ongoing supply challenges. I want to thank all of our Sysco associates for their tireless efforts during the quarter to support our customers in a dynamic environment, all while making continued advances against our Recipe for Growth strategy.”