Financial information for each quarter in the years ended July 2, 2016 and June 27, 2015 is set forth below:



	Fiscal 2016 Quarter Ended
	September 26 ⁽¹⁾			December 26			March 26			July 2 ^{(2), (3)}		Fiscal Year ⁽³⁾
	(In thousands except for per share data)
Sales	$	12,562,611		$	12,153,626		$	12,002,791		$	13,647,891	$	50,366,919
Cost of sales	10,324,616			9,996,812			9,859,966			11,145,053		41,326,447
Gross profit	2,237,995			2,156,814			2,142,825			2,502,838		9,040,472
Operating expenses	1,744,521			1,724,231			1,765,207			1,956,013		7,189,972
Operating income	493,474			432,583			377,618			546,825		1,850,500
Interest expense	126,907			47,235			57,699			74,305		306,146
Other expense (income), net	(15,240		)	(7,764		)	(6,952		)	141,303		111,347
Earnings before income taxes	381,807			393,112			326,871			331,217		1,433,007
Income taxes	137,387			120,713			109,735			115,550		483,385
Net earnings	$	244,420		$	272,399		$	217,136		$	215,667	$	949,622
Per share:
Basic net earnings	$	0.41		$	0.48		$	0.38		$	0.38	$	1.66
Diluted net earnings	0.41			0.48			0.38			0.38		1.64
Dividends declared	0.30			0.31			0.31			0.31		1.23
Market price — high/low	42-35			42-38			47-39			51-45		51-35



	Fiscal 2015 Quarter Ended
	September 27			December 27		March 28			June 27 ⁽⁴⁾			Fiscal Year
	(In thousands except for per share data)
Sales	$	12,445,081		$	12,087,074	$	11,746,659		$	12,401,938		$	48,680,752
Cost of sales	10,256,364			10,001,937		9,689,161			10,181,774			40,129,236
Gross profit	2,188,717			2,085,137		2,057,498			2,220,164			8,551,516
Operating expenses	1,723,104			1,769,691		1,730,190			2,099,169			7,322,154
Operating income	465,613			315,446		327,308			120,995			1,229,362
Interest expense	30,934			77,042		69,550			77,281			254,807
Other expense (income), net	(2,188		)	2,207		(8,577		)	(25,034		)	(33,592		)
Earnings before income taxes	436,867			236,197		266,335			68,748			1,008,147
Income taxes	158,054			78,218		89,380			(4,278		)	321,374
Net earnings	$	278,813		$	157,979	$	176,955		$	73,026		$	686,773
Per share:
Basic net earnings	$	0.47		$	0.27	$	0.30		$	0.12		$	1.16
Diluted net earnings	0.47			0.27		0.30			0.12			1.15
Dividends declared	0.29			0.30		0.30			0.30			1.19
Market price — high/low	39-36			41-36		41-38			39-36			41-36



Percentage change — 2016 vs. 2015:
	Quarter 1		Quarter 2		Quarter 3		Quarter 4		Fiscal Year
Sales	1	%	1	%	2	%	10	%	3	%
Operating income	6		37		15		352		51
Net earnings	(12	)	72		23		195		38
Basic net earnings per share	(13	)	78		27		217		43
Diluted net earnings per share	(13	)	78		27		217		43

⁽¹⁾ Sysco's first quarter of fiscal 2016 included a charge for $94.8 million in interest expense related to the redemption of senior notes. See Note 11 "Debt and Other Financing Arrangements".

⁽²⁾ Sysco's fourth quarter of fiscal 2016 includes a remeasurement loss of $101.2 million in other expense (income), net due to the remeasurement of foreign cash held by Sysco for the Brakes Acquisition.

⁽³⁾ Sysco’s fiscal year ends on the Saturday nearest to June 30^th, which resulted in a 14-week quarter and 53-week year ending July 2, 2016 for fiscal 2016.

⁽⁴⁾ Sysco fourth quarter of fiscal 2015 included a charge for termination payments totaling $312.5 million in operating expenses related to the merger that had been proposed with US Foods that did not occur.