Sysco FY2010 net earnings, sales up

by Bryan Salvage
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HOUSTON – Sysco Corporation announced net earnings for fiscal 2010 ended July 3 were $1.2 billion, an increase of $124 million, or 11.7%, compared to the prior year. Fourth-quarter net earnings were $338 million, an increase of $22 million, or 7.1%.

Sales of $37.2 billion were 1.1% higher compared to $36.9 billion in the prior year. Fourth-quarter sales were $10.3 billion, an increase of 13.9% from $9.1 billion in the fourth quarter of fiscal 2009.

"I am pleased and appreciative of the solid financial results our associates produced this past year,” said Bill DeLaney, Sysco's president and chief executive officer. “Volume trends improved as the year progressed and we executed at a high level both in supporting our customers and improving productivity in all aspects of our business. While the extent, pace and consistency of the economic recovery are not clear, the foundation of Sysco's business is strong and we are well positioned to capitalize on opportunities that materialize as we move forward."

Food-cost inflation for the quarter, as measured by the estimated change in Sysco's product costs, was 2.2%, driven mainly by increased prices for meat, dairy and produce. In addition, the impact of changes in foreign exchange rates for the fourth quarter increased sales by 1.3%. Food cost deflation for the year was 1.5%.
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