QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jun. 29, 2019

Sysco’s fiscal year includes four quarterly periods that are comprised of thirteen weeks each. Financial information for each 13-week period in the fiscal years ended June 29, 2019 and June 30, 2018 is set forth below:



	Fiscal 2019 Quarter Ended
	September 29		December 29		March 30 ⁽¹⁾			June 29 ⁽²⁾			Fiscal Year
	(In thousands except for per share data)
Sales	$	15,215,279	$	14,765,707	$	14,658,074		$	15,474,862		$	60,113,922
Cost of sales	12,311,494		11,993,995		11,903,776			12,495,670			48,704,935
Gross profit	2,903,785		2,771,712		2,754,298			2,979,192			11,408,987
Operating expenses	2,275,645		2,319,817		2,224,713			2,258,662			9,078,837
Operating income	628,140		451,895		529,585			720,530			2,330,150
Interest expense	89,016		87,113		94,514			89,780			360,423
Other expense (income), net	1,132		10,197		4,120			(51,558		)	(36,109		)
Earnings before income taxes	537,992		354,585		430,951			682,308			2,005,836
Income taxes	106,950		87,205		(9,132		)	146,542			331,565
Net earnings	$	431,042	$	267,380	$	440,083		$	535,766		$	1,674,271
Per share:
Basic net earnings	$	0.83	$	0.52	$	0.86		$	1.04		$	3.24
Diluted net earnings	0.81		0.51		0.85			1.03			3.20
Dividends declared	0.36		0.39		0.39			0.39			1.53


⁽¹⁾	Sysco’s third quarter of fiscal 2019 results included the recognition of $95.1 million of foreign tax credits generated as a result of distributions to Sysco from its foreign operations at the end of fiscal 2018. See Note 20, “Income Taxes.”


⁽²⁾	Sysco’s fourth quarter of fiscal 2019 results included a $66.3 million gain on the sale of Iowa Premium, LLC.



	Fiscal 2018 Quarter Ended
	September 30			December 30			March 31 ⁽¹⁾			June 30			Fiscal Year
	(In thousands except for per share data)
Sales	$	14,650,424		$	14,411,490		$	14,349,504		$	15,315,906		$	58,727,324
Cost of sales	11,856,756			11,712,104			11,673,876			12,399,197			47,641,933
Gross profit	2,793,668			2,699,386			2,675,628			2,916,709			11,085,391
Operating expenses	2,174,303			2,170,834			2,193,425			2,232,773			8,771,335
Operating income	619,365			528,552			482,203			683,936			2,314,056
Interest expense	80,884			85,986			136,145			92,468			395,483
Other expense (income), net	(7,975		)	(9,162		)	(18,826		)	(1,688		)	(37,651		)
Earnings before income taxes	546,456			451,728			364,884			593,156			1,956,224
Income taxes	178,816			167,615			34,799			144,228			525,458
Net earnings	$	367,640		$	284,113		$	330,085		$	448,928		$	1,430,766
Per share:
Basic net earnings	$	0.70		$	0.55		$	0.63		$	0.86		$	2.74
Diluted net earnings	0.69			0.54			0.63			0.85			2.70
Dividends declared	0.33			0.36			0.36			0.36			1.41

⁽¹⁾

Sysco’s third quarter of fiscal 2018 included a charge for $53.1 million in interest expense related to the redemption of senior notes as well as tax benefits derived from our $380.0 million contribution to our U.S. Retirement Plan. See Note 13, “Debt and Other Financing Arrangements” and Note 20, “Income Taxes.”