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Reply #10: Sysco Feels Bite of Inflation [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-16-04 08:23 AM
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10. Sysco Feels Bite of Inflation
(didn't they say that food prices dropped last week?)

Sysco Corp. (SYY:NYSE - news - research) Monday said its profit rose more than 15% in the fourth quarter, as the food distributor coped with higher costs and slowing sales.

The Houston-based company had net income of $280.6 million, or 43 cents a share in the quarter ended July 3, vs. $242.7 million, or 37 cents a share, in the year-ago period. Sales increased 16.7% to $8.14 billion, including sales from acquisitions. The 2004 quarter contained one more week than the year-ago one. The consensus estimate was for 45 cents a share, according to Thomson First Call.

The company said it was "able to generate solid sales and earnings numbers during the fourth quarter while competing in a market that can best be described as challenging." Sysco cited inflationary pressures, saying higher costs for dairy and meat products contributed to a sales slowdown during the quarter.

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