Sysco 3Q Profit Rises 9.5% Amid Sales Increase, Cost Cuts |
| Wall Street Journal - May 3, 2010 |
Sysco Corp.'s (SYY) fiscal third-quarter earnings rose 9.5% as more consumers eating out, plus easing deflation, helped the supplier of food and other products to restaurants post its first quarter of year-over-year sales growth in a year and a half.
Shares rose 1.62% premarket to $32.05, as sales and profit beat analyst expectations.
As restaurant chains begin to serve up more food with customers returning out to eat, Sysco's stands as a big beneficiary, as it derives a majority of its sales from the restaurant industry. Sysco, the largest food-service distributor in North America, said that its case volume grew in the quarter, with Chief Executive Bill DeLaney saying, "The underlying business environment appears to be improving."
Deflation, which had been a weight on top-line growth, was 0.8% in the quarter, moderating from prior periods.
Read Full Article from Wall Street Journal
- Posted: 2010-05-03 11:01:55
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