The 2020 Mid-Year Economic Update_long

Sysco Sales Up 4.7% in Fiscal Year

Sales also increase 0.9 percent to $12.4 billion in fourth quarter.

Foodservice distributor Sysco Corp. (NYSE: SYY), Houston, TX, reported sales for the fiscal year ended June 27 of $48.7 billion, up 4.7 percent year-over-year. Profit was $686.8 million, a decrease of 26.3 percent compared to the prior year.

Food cost inflation was 3.7 percent, as measured by the estimated change in Sysco's product costs, driven mainly by inflation in the meat, dairy and poultry categories. In addition, sales from acquisitions (completed within the last 12 months) contributed 0.6 percent to sales, and the impact of changes in foreign exchange rates decreased sales by 1 percent.

Sales for the fourth quarter were $12.4 billion, a 0.9 percent increase over the same period a year ago. Profit decreased 71.3 percent to $73 million.

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