QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jun. 27, 2020

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 27, 2020 and June 29, 2019 is set forth below:


	Fiscal 2020 Quarter Ended
	September 28		December 28		March 28		June 27		Fiscal Year
	(In thousands except for per share data)
Sales	$	15,303,005	$	15,025,042	$	13,698,699	$	8,866,564	$	52,893,310
Cost of sales	12,359,635		12,196,643		11,134,459		7,300,909		42,991,646
Gross profit	2,943,370		2,828,399		2,564,240		1,565,655		9,901,664
Operating expenses ⁽¹⁾	2,275,052		2,275,906		2,503,966		2,097,235		9,152,159
Operating income (loss)	668,318		552,493		60,274		(531,580)		749,505
Interest expense	83,335		76,762		83,854		164,269		408,220
Other expense (income), net ⁽²⁾	3,112		(807)		5,200		40,396		47,901
Earnings before income taxes	581,871		476,538		(28,780)		(736,245)		293,384
Income taxes	128,090		93,128		(25,483)		(117,826)		77,909
Net earnings (loss)	$	453,781	$	383,410	$	(3,297)	$	(618,419)	$	215,475
Per share:
Basic net earnings (loss) ⁽³⁾	$	0.88	$	0.75	$	(0.01)	$	(1.22)	$	0.42
Diluted net earnings (loss)⁽³⁾	0.87		0.74		(0.01)		(1.22)		0.42
Dividends declared	0.39		0.45		0.45		0.45		1.74

⁽¹⁾ Sysco’s results in the third and fourth quarters of fiscal 2020 included charges associated with the COVID-19 pandemic, such as $323.4 million of excess bad debt expense and $203.2 million of goodwill impairment.

⁽²⁾ Sysco’s fourth quarter of fiscal 2020 results included a $55.9 million impairment on assets held for sale.

⁽³⁾Quarterly basic and diluted earnings (loss) per share amounts may not add up to the full fiscal year total presented due to rounding. Basic and diluted earnings (loss) per share is calculated by dividing net earnings (loss) by basic and diluted shares outstanding, respectively.


	Fiscal 2019 Quarter Ended
	September 29		December 29		March 30		June 29		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⁾	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 ⁽²⁾	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⁽³⁾	$	0.83	$	0.52	$	0.86	$	1.04	$	3.24
Diluted net earnings ⁽³⁾	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 fourth quarter of fiscal 2019 results included a $66.3 million gain on the sale of Iowa Premium, LLC.

⁽²⁾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.”