QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Jul. 03, 2021

Financial information for each quarter in the fiscal year ended July 3, 2021 is set forth below. Results for the quarterly periods in the fiscal year ended June 27, 2020 have been omitted pursuant to SEC Release No. 33-10890 issued by the SEC on November 19, 2020.


	Fiscal 2021 Quarter Ended
	September 26		December 26		March 27		July 3 (1)(2)		Fiscal Year (2)
	(In thousands except for per share data)
Sales	$	11,777,379	$	11,558,982	$	11,824,589	$	16,136,893	$	51,297,843
Cost of sales	9,557,534		9,460,524		9,701,921		13,221,115		41,941,094
Gross profit	2,219,845		2,098,458		2,122,668		2,915,778		9,356,749
Operating expenses	1,800,266		1,886,396		1,886,751		2,346,094		7,919,507
Operating income	419,579		212,062		235,917		569,684		1,437,242
Interest expense	146,717		146,498		145,773		441,149		880,137
Other expense (income), net	14,124		(15,556)		(12,708)		(13,483)		(27,623)
Earnings before income taxes	258,738		81,120		102,852		142,018		584,728
Income tax expense (benefit)	41,838		13,831		13,925		(9,075)		60,519
Net earnings	$	216,900	$	67,289	$	88,927	$	151,093	$	524,209
Per share:
Basic net earnings (3)	$	0.43	$	0.13	$	0.17	$	0.29	$	1.03
Diluted net earnings (3)	0.42		0.13		0.17		0.29		1.02
Dividends declared	0.45		0.45		0.45		0.47		1.82

(1) Sysco’s fourth quarter of fiscal 2021 included a charge for $293.9 million in interest expense related to the redemption of senior notes. See Note 12 “Debt and Other Financing Arrangements.”

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

July 3, 2021 for fiscal 2021.

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