Company: SYY
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0000096021-25-000010
Chunk: 62

Company: SYSCO CORP
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 1
Chunk 62
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.5% as compared to the second quarter of fiscal 2024 primarily due to U.S. Foodservice Operations volume growth and moderate inflation. Our gross profit grew 3.9% compared to the second quarter of fiscal 2024, due to volume growth and the effective management of product inflation. Operating income increased 1.7% as compared to the second quarter of fiscal 2024. Adjusted operating income increased 5.1% as compared to the second quarter of fiscal 2024 primarily due to continued positive momentum within our International Foodservice Operations. Our net earnings for the second quarter of fiscal 2025 decreased by $9 million as compared to the second quarter of fiscal 2024 due to increased restructuring and transformational project costs and acquisition-related costs. We consider these “Certain Item” expenses (as defined below). Excluding Certain Item expenses, adjusted net earnings increased by $9 million. See below for a comparison of our fiscal 2025 results to our fiscal 2024 results, both including and excluding Certain Items. 

Comparisons of results from the second quarter of fiscal 2025 to the second quarter of fiscal 2024 are presented below:

•Sales:

◦increased 4.5%, or $863 million, to $20.2 billion;

•Operating income:

◦increased 1.7%, or $12 million, to $712 million;

◦adjusted operating income increased 5.1%, or $38 million, to $783 million;

•Net earnings:

◦decreased 2.2%, or $9 million, to $406 million;

◦adjusted net earnings increased 2.0%, or $9 million, to $458 million;

•Basic earnings per share:

◦increased 1.2%, or $0.01, to $0.83 per share;

•Diluted earnings per share:

◦unchanged, at $0.82 per share;

◦adjusted diluted earnings per share increased 4.5%, or $0.04, to $0.93;

•EBITDA:

◦increased 1.9%, or $17 million, to $931 million; and

◦adjusted EBITDA increased 4.4%, or $41 million, to $969 million.

Comparisons of results from the first 26 weeks of fiscal 2025 to the first 26 weeks of fiscal 2024 are presented below:

•Sales:

◦increased