Company: SYY
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0000096021-25-000010
Chunk: 74

Company: SYSCO CORP
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 1
Chunk 74
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 and $30 million in the second quarter and first 26 weeks of fiscal 2025, as compared to $14 million and $29 million in the second quarter and first 26 weeks of fiscal 2024, respectively. Certain Items impacting the second quarter and first 26 of fiscal 2025 were primarily expenses associated with our business technology transformation initiatives and expenses associated with acquisitions. Certain Items impacting the second quarter and first 26 weeks of fiscal 2024 were primarily expenses associated with our business technology transformation initiatives and expenses associated with acquisitions.

Interest Expense

Interest expense increased $10 million and $35 million for the second quarter and first 26 weeks of fiscal 2025, respectively, as compared to the second quarter and first 26 weeks of fiscal 2024. The increase was primarily due to interest on new senior notes that were issued in the second quarter of fiscal 2024, as well as an increase in outstanding commercial paper balances. 

Net Earnings

Net earnings decreased 2.2% and 2.5% in the second quarter and first 26 weeks of fiscal 2025, respectively, as compared to the second quarter and first 26 weeks of fiscal 2024, primarily due to the items noted above for operating income, and interest expense, as well as items impacting our income taxes that are discussed in Note 11, “Income Taxes,” in the Notes to Consolidated Financial Statements in Item 1 of Part I of this Form 10-Q. Adjusted net earnings, excluding Certain Items, increased 2.0% and 0.6% in the second quarter and first 26 weeks of fiscal 2025, respectively, primarily due to an increase in sales volume.

Earnings Per Share

Basic earnings per share in the second quarter of fiscal 2025 were $0.83, a 1.2% increase from the comparable prior year period amount of $0.82 per share. Diluted earnings per share in the second quarter of fiscal 2025 were $0.82, which is unchanged from the comparable prior year period amount of $0.82 per share. Adjusted diluted earnings per share, excluding Certain Items, in the second quarter of fiscal 2025 were $0.93, a 4.5% increase from the comparable prior year amount of $0.89 per share.

Basic earnings per share in the first 26 weeks of fiscal 2025 were $1.82, which is unchanged from the comparable prior year amount of