SYSCO (NYSE: SYY) reported its fourth quarter earnings on Monday. Shares of the company are up 3.4 percent.
Below are some key highlights from its conference call:
Growth and Results:
• Sales for the fiscal year grew 5% to $47 billion and adjusted net earnings were $1 billion.
• Cash flow from operations for the fiscal year was $1.5 billion.
• We reduced our operating expenses per case by $0.06.
• Turning to our results for the quarter, sales grew 5.9% to $12.3 billion and net earnings were $254 million.
• Adjusted EPS was $0.50 for the quarter, which was flat compared to the prior-year period.
• Our results reflect the impact of the slow and modest economic recovery in a Foodservice industry that as a whole remains under pressure.
• Several of these recent deployments took place some of our larger and more complex operating companies and many conversions occurred during a particularly busy time of year.
• We continue to learn and adjust with each go live and as a result each one has been progressively more successful.
• As we continue to implement our category management initiative this year we also focused on enhancing our execution of this effort in several important ways
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