Company: SYY
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000096021-25-000037
Chunk: 79

Company: SYSCO CORP
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 79
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 presenting its results on a constant currency basis, and adjusting its results to exclude the impact of its joint venture in Mexico provides an important perspective with respect to our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2025 and fiscal year 2024.Set forth on the following page is a reconciliation of sales, operating expenses, operating income, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.

13-Week Period Ended Mar. 29, 202513-Week Period Ended Mar. 30, 2024Change in Dollars%/bps  ChangeSales (GAAP)$19,598 $19,380 $218 1.1 %Impact of Mexico joint venture sales— (120)120 0.7 Comparable sales excluding Mexico joint venture (Non-GAAP)$19,598 $19,260 $338 1.8 %Sales (GAAP)$19,598 $19,380 $218 1.1 %Impact of currency fluctuations (1)117 117 0.6 Comparable sales using a constant currency basis (Non-GAAP)$19,715 $19,380 $335 1.7 %Cost of sales (GAAP)$16,017 $15,771 $246 1.6 %Gross profit (GAAP)$3,581 $3,609 $(28)(0.8)%Impact of currency fluctuations (1)22 22 0.6 Comparable gross profit adjusted for Certain Items using a constant currency basis (Non-GAAP)$3,603 $3,609 $(6)(0.2)%Gross margin (GAAP)18.27 %18.62 %-35 bpsImpact of currency fluctuations (1)0.01 1 bpComparable gross margin adjusted for Certain