Sysco Corp., symbol SYY on New York, supplies food and kitchen supplies to over 400,000 restaurants, hotels and schools in North America and Ireland.
In its fiscal 2011 second quarter, which ended January 1, 2011, the U.S. stock’s earnings fell 3.8%, to $258.2 million, or $0.44 a share. That fell short of the consensus earnings estimate of $0.47 a share. A year earlier, it earned $268.3 million, or $0.45 a share. The company’s labour, pension and fuel costs all rose during the quarter.
Revenue rose 5.8%, to $9.4 billion from $8.9 billion. However, most of the gain came from a 4.5% rise in food prices (meat, dairy and seafood jumped more than 10%), which Sysco passed along to its customers. A year earlier, food prices had dropped 3.5%.
As well, restaurants account for over 60% of Sysco’s sales, and the improving economy prompted more to eat out.
The company is now spending $900 million to upgrade its computer systems. This process will take three years to complete, but it should streamline Sysco’s operations and cut its costs.
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