Food distributor Sysco Corp has seen its second-quarter net profit fall 10% to $237.7m (40 cents a share), from $264.1m (43 cents) last year, after being affected by higher expenses and food cost inflation. Revenue for the quarter ending 27 December was down 1% to $9.15bn.

Operating expenses grew by $9.5m to $1.33bn, affected by changes in the cash surrender value of corporate-owned life insurance, a charge for withdrawal from one of its multi-employer pension plans, as well as higher company-sponsored pension expense. Food cost inflation was 7% in the quarter.

The company distributes food and other supplies to restaurants, cafeterias and other food-service outlets.

NamNews - Tuesday 3rd February 2009

 

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