Sysco Corporation (NYSE:SYY) today announced financial results for
its 14-week fourth fiscal quarter and 53-week fiscal year 2016
ended July 2, 2016. In fiscal 2015, the fourth quarter included 13
weeks and the year included 52 weeks.¹
Fourth Quarter Fiscal 2016 Highlights
- Sales increased 10.0% to $13.6 billion; on a comparable 13-week
basis, sales increased 2.2%
- Gross profit increased 12.7% to $2.5 billion; gross margin
increased 44 basis points to 18.3%; on a comparable 13-week basis,
gross profit increased 4.7%
- Operating income increased 351.9% to $547 million; adjusted
operating income increased 23.4% to $628 million; on a comparable
13-week basis, adjusted operating income increased 14.6%
- Earnings Per Share (EPS) increased $0.26 to $0.38; adjusted EPS
increased $0.12 to $0.64; on a comparable 13-week basis, adjusted
EPS increased $0.08 to $0.60
Fiscal 2016 Highlights
- Sales increased 3.5% to $50.4 billion; on a comparable 52-week
basis, sales increased 1.5%
- Gross profit increased 5.7% to $9.0 billion; gross margin
increased 38 basis points to 17.9%; on a comparable 52-week basis,
gross profit increased 3.6%
- Operating income increased 50.5% to $1.9 billion; adjusted
operating income increased 12.1% to $2.0 billion; on a comparable
52-week basis, adjusted operating income increased 9.6%
- EPS increased $0.49 to $1.64; adjusted EPS increased $0.26 to
$2.10; on a comparable 52-week basis, adjusted EPS increased $0.22
to $2.06
“I am very pleased with our performance during fiscal 2016, as
we made significant progress toward our three-year plan financial
objectives. During the year, we had strong local case growth,
improved our gross profit, managed expenses well and drove
increased operating income,” said Bill DeLaney, Sysco’s chief
executive officer. “Looking forward, we remain highly focused on
supporting the success of our customers, profitably growing our
business and achieving the objectives of our three-year plan.”
¹Earnings Per Share (EPS) and Adjusted EPS are shown on a
diluted basis unless otherwise specified. Adjusted financial
results exclude certain items, which primarily include
restructuring and merger-related costs. Results shown on a
comparable 13 or 52 week basis are non-GAAP numbers and have been
further adjusted to remove dollar amounts equal to 1/14 of the
comparable fourth quarter non-GAAP results. Reconciliations of all
non-GAAP measures are included in this release.
Fourth Quarter Fiscal 2016 Summary
Sales for the fourth quarter were $13.6 billion, an increase of
10.0% compared to the same period last year. Overall food cost
deflation was 1.2% (0.9% in U.S. broadline), as measured by the
estimated change in Sysco's product costs, with deflation in the
meat and dairy categories partially offset by modest inflation in
other categories. In addition, sales from acquisitions completed
within the last 12 months increased sales by 1.2%, and the impact
of changes in foreign exchange rates decreased sales by 0.5%. Case
volume for the company’s U.S. broadline operations increased 10.2%
during the quarter. Local case growth within U.S. broadline
operations increased 10.3%. Gross profit was $2.5 billion, an
increase of 12.7% compared to the same period last year. Gross
margin increased 44 basis points to 18.3%.
On a comparable 13-week basis, sales increased 2.2% and gross
profit increased 4.7%. Total broadline case growth was 2.2% higher,
and local case growth was 2.4% higher, as compared to the same
period last year.
GAAP Operating Income, Net Earnings and EPS (14-week vs.
13-week)Operating expenses decreased $143 million, or 6.8%,
compared to the same period last year, due mainly to the
elimination of acquisition-related costs in the prior year.
Operating income was $547 million, an increase of $426 million, or
351.9%, compared to the same period last year. Interest expense was
$74 million, a decrease of $3 million compared to the same period
last year. Other expense, net was $141.3 million, primarily from
the remeasurement of foreign denominated cash and losses on foreign
currency option contracts. Both related to the purchase price
for the acquisition of Brakes, which closed shortly after our
fiscal year end. Net earnings were $216 million, an increase of
$143 million, or 195.3%, compared to the same period last year.
Diluted EPS was $0.38, which was 216.7% higher compared to the same
period last year.
Non-GAAP Operating Income, Net Earnings and EPS (14-week vs.
13-week)Adjusted operating expenses increased $164 million, or
9.6%, compared to the same period last year, due mainly to higher
case volume-related expenses. Adjusted operating income was $628
million, an increase of $119 million, or 23.4%, compared to the
same period last year. Adjusted interest expense was $56 million,
an increase of $20 million compared to the same period last year,
reflecting increased debt, the proceeds from which were used
primarily to fund the company’s accelerated share repurchase
program. Adjusted net earnings were $366 million, an increase of
$57 million, or 18.3%, compared to the same period last year.
Adjusted diluted EPS was $0.64, which was 23.1% higher compared to
the same period last year.
Comparable Non-GAAP Operating Income, Net Earnings and EPS
(13-week vs. 13-week)For comparable results on a 13-week basis,
including case growth, please see Table 1.
Fiscal 2016 Summary
Sales for fiscal 2016 were $50.4 billion, an increase of 3.5%
compared to the same period last year. Overall food cost deflation
was 0.7% (0.9% in U.S. broadline), as measured by the estimated
change in Sysco's product costs, with deflation in the meat,
seafood, dairy and poultry categories partially offset by modest
inflation in other categories. In addition, sales from acquisitions
completed within the last 12 months increased sales by 0.7%, and
the impact of changes in foreign exchange rates decreased sales by
1.3%. Case volume for the company’s U.S. broadline operations grew
5.3% compared to the same period last year. Local case growth
within U.S. broadline operations increased 4.7%. Gross profit was
$9.0 billion, an increase of 5.7% compared to the same period last
year. Gross margin increased 38 basis points to 17.9%.
On a comparable 52-week basis, sales increased 1.5% and gross
profit increased 3.6%. Total broadline case growth was 3.0% higher,
and local case growth was 2.7% higher, as compared to the same
period last year.
GAAP Operating Income, Net Earnings and EPS (53-week vs.
52-week)Operating expenses decreased $132 million, or 1.8%,
compared to the same period last year, due mainly to the
elimination of acquisition-related costs in the prior year.
Operating income was $1.9 billion, an increase of $621 million, or
50.5%, compared to the same period last year. Interest expense was
$306 million, an increase of $51 million compared to the same
period last year. Other expense, net was $111.3 million, primarily
from the remeasurement of foreign denominated cash and losses on
foreign currency option contracts. Both related to the purchase
price for the acquisition of Brakes, which closed shortly after our
fiscal year end. Net earnings were $950 million, an increase of
$263 million, or 38.3%, compared to the same period last year.
Diluted EPS was $1.64, which was 42.6% higher compared to the same
period last year.
Non-GAAP Operating Income, Net Earnings and EPS (53-week vs.
52-week)Adjusted operating expenses increased $272 million, or
4.0%, compared to the same period last year, due mainly to higher
case volume-related expenses and incentive expense. Adjusted
operating income was $2.0 billion, an increase of $217 million, or
12.1%, compared to the same period last year. Adjusted interest
expense was $182 million, an increase of $66 million compared to
the same period last year, reflecting increased debt, the proceeds
from which were used primarily to fund the company’s accelerated
share repurchase program. Adjusted net earnings were $1.2 billion,
an increase of $114 million, or 10.4%, compared to the same period
last year. Adjusted diluted EPS was $2.10, which was 14.1% higher
compared to the same period last year.
Comparable Non-GAAP Operating Income, Net Earnings and EPS
(52-week vs. 52-week)For comparable results on a 52-week basis,
including case growth, please see Table 1.
Capital Spending and Cash Flow
Capital expenditures, net of proceeds from sales of plant and
equipment, totaled $504 million for fiscal year 2016. Cash flow
from operations was $1.9 billion for fiscal 2016, which was $378
million higher compared to the same period last year. Free cash
flow for fiscal 2016 was $1.4 billion, which was $392 million
higher compared to the same period last year.
Conference Call & Webcast
Sysco’s fourth quarter and fiscal year 2016 earnings conference
call will be held on Monday, August 15, 2016, at 10:00 a.m.
Eastern. A live webcast of the call, a copy of this news release
and a slide presentation will be available online at
investors.sysco.com.
Table 1: Comparable Results on a 13-week/52-week
Basis
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Fourth Quarter |
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Fiscal Year |
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ComparableAdjusted |
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ComparableAdjusted |
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Financial Comparison: |
July 2, 2016 (14
Weeks) |
Change (14 vs.13 weeks) |
Change (13 vs.13 weeks)
(1) |
|
July 2, 2016 (53
Weeks) |
Change (53vs. 52 weeks) |
Change (52vs. 52 weeks)
(1) |
|
|
Sales: |
$13.6 billion |
|
10.0 |
% |
|
2.2 |
% |
|
$50.4 billion |
|
3.5 |
% |
|
1.5 |
% |
|
|
Real Growth (non-GAAP)(1) |
|
10.5 |
% |
871 bps |
94 bps |
|
|
4.8 |
% |
335 bps |
136 bps |
|
|
Food Cost Inflation |
|
-1.2 |
% |
-131 bps |
-131 bps |
|
|
-0.7 |
% |
-442 bps |
-442 bps |
|
|
Acquisitions |
|
1.2 |
% |
78 bps |
70 bps |
|
|
0.7 |
% |
13 bps |
11 bps |
|
|
Impact of Foreign Exchange Rate Translation |
|
-0.5 |
% |
93 bps |
93 bps |
|
|
-1.3 |
% |
-24 bps |
-24 bps |
|
|
Gross Profit: |
$2.5 billion |
|
12.7 |
% |
|
4.7 |
% |
|
$9.0 billion |
|
5.7 |
% |
|
3.6 |
% |
|
|
Gross Margin |
|
18.34 |
% |
44 bps |
44 bps |
|
|
17.95 |
% |
38 bps |
38 bps |
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|
GAAP: |
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|
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|
Operating Expenses |
$2.0 billion |
|
-6.8 |
% |
|
|
$7.2 billion |
|
-1.8 |
% |
|
|
|
Certain Items |
$81 million |
|
-79.0 |
% |
|
|
$159 million |
|
-71.8 |
% |
|
|
|
Operating Income |
$547 million |
|
351.9 |
% |
|
|
$1.9 billion |
|
50.5 |
% |
|
|
|
Operating Margin |
|
4.01 |
% |
303 bps |
|
|
|
3.67 |
% |
115 bps |
|
|
|
Net Earnings |
$216 million |
|
195.3 |
% |
|
|
$950 million |
|
38.3 |
% |
|
|
|
Diluted Earnings Per Share |
$ |
0.38 |
|
|
216.7 |
% |
|
|
$ |
1.64 |
|
|
42.6 |
% |
|
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|
Non-GAAP(1): |
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|
Operating Expenses |
$1.9 billion |
|
9.6 |
% |
|
1.7 |
% |
|
$7.0 billion |
|
4.0 |
% |
|
2.0 |
% |
|
|
Operating Income |
$628 million |
|
23.4 |
% |
|
14.6 |
% |
|
$2.0 billion |
|
12.1 |
% |
|
9.6 |
% |
|
|
Operating Margin |
|
4.60 |
% |
50 bps |
17 bps |
|
|
3.99 |
% |
31 bps |
30 bps |
|
|
Net earnings |
$366 million |
|
18.3 |
% |
|
9.8 |
% |
|
$1.2 billion |
|
10.4 |
% |
|
8.0 |
% |
|
|
Diluted Earnings Per Share |
$ |
0.64 |
|
|
23.1 |
% |
|
15.4 |
% |
|
$ |
2.10 |
|
|
14.1 |
% |
|
12.0 |
% |
|
|
|
|
|
|
|
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|
Case
Growth(2): |
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|
|
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|
Total Broadline |
|
10.1 |
% |
648 bps |
|
2.2 |
% |
|
|
5.0 |
% |
190 bps |
|
3.0 |
% |
|
|
Local |
|
10.2 |
% |
781 bps |
|
2.4 |
% |
|
|
4.7 |
% |
271 bps |
|
2.7 |
% |
|
|
U.S. Broadline |
|
10.2 |
% |
656 bps |
|
2.4 |
% |
|
|
5.3 |
% |
215 bps |
|
3.3 |
% |
|
|
Local |
|
10.3 |
% |
821 bps |
|
2.4 |
% |
|
|
4.7 |
% |
299 bps |
|
2.6 |
% |
|
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|
Sysco Brand Sales as a % of
Cases(3): |
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|
U.S. Broadline |
|
37.4 |
% |
5 bps |
5 bps |
|
|
37.2 |
% |
14 bps |
14 bps |
|
|
Local |
|
45.1 |
% |
49 bps |
49 bps |
|
|
44.6 |
% |
82 bps |
82 bps |
|
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Notes: |
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(1) A reconciliation of non-GAAP measures is included in this
release. |
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(2) Case growth for 13-week and 52-week comparable columns show
year-over-year growth. |
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(3) Sysco Brand Sales are presented as a percentage of cases
instead of sales for more relevant comparison. |
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Individual components in the table above may not sum to the
totals due to rounding. |
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About Sysco
Sysco is the global leader in selling, marketing and
distributing food products to restaurants, healthcare and
educational facilities, lodging establishments and other customers
who prepare meals away from home. Its family of products also
includes equipment and supplies for the foodservice and hospitality
industries. The company operates 198 distribution facilities
serving approximately 425,000 customers. For fiscal year 2016 that
ended July 2, 2016, the company generated sales of more than $50
billion. Subsequent to fiscal year 2016 the company completed the
acquisition of the Brakes Group, a leading European foodservice
distributor with operations in the United Kingdom, Ireland, France,
Sweden, Spain, Belgium and Luxembourg.
For more information, visit www.sysco.com or connect with Sysco
on Facebook at www.facebook.com/SyscoCorporation or Twitter at
https://twitter.com/Sysco. For important news and information
regarding Sysco, visit the Investor Relations section of the
company's Internet home page at investors.sysco.com, which Sysco
plans to use as a primary channel for publishing key information to
its investors, some of which may contain material and previously
non-public information. Investors should also follow us at
www.twitter.com/SyscoStock and download the Sysco IR App, available
on the iTunes App Store and the Google Play Market. In addition,
investors should continue to review our news releases and filings
with the Securities and Exchange Commission. It is possible
that the information we disclose through any of these channels of
distribution could be deemed to be material information.
Forward-Looking Statements
Statements made in this news release or in our earnings call for
the fourth quarter and full year of fiscal 2016 that look forward
in time or that express management’s beliefs, expectations or hopes
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements reflect the views of management at the time such
statements are made and are subject to a number of risks,
uncertainties, estimates, and assumptions that may cause actual
results to differ materially from current expectations. These
statements include our outlook for fiscal 2017, our plans and
expectations related to our three-year financial objectives,
including targets for adjusted operating income and adjusted ROIC,
and the key levers for realizing these goals, expectations
regarding the Brakes Group acquisition and related benefits, plans
to shift our technology structure and related spend, streamline our
market structure, introduce a field organization model, and further
develop a functional structure in key support areas, and
expectations regarding capital expenditures and share repurchases.
The success of our plans and expectations regarding our operating
performance, including expectations regarding our three-year
financial objectives, are subject to the general risks associated
with our business, including the risks of interruption of supplies
due to lack of long-term contracts, severe weather, crop
conditions, work stoppages, intense competition, technology
disruptions, dependence on large regional and national customers,
inflation risks, the impact of fuel prices, adverse publicity, and
labor issues. Risks and uncertainties also include risks impacting
the economy generally, including the risks that the current general
economic conditions will deteriorate, or consumer confidence in the
economy or consumer spending, particularly on food-away-from-home,
may decline. Market conditions may not improve. If sales from our
locally managed customers do not grow at the same rate as sales
from regional and national customers, our gross margins may
decline. Our ability to meet our long-term strategic objectives
depends largely on the success of our various business initiatives,
including efforts related to revenue management, expense
management, our digital e-commerce strategy and any efforts related
to restructuring or the reduction of administrative costs. There
are various risks related to these efforts, including the risk that
these efforts may not provide the expected benefits in our
anticipated time frame, if at all, and may prove costlier than
expected; the risk that the actual costs of any initiatives may be
greater or less than currently expected; and the risk of adverse
effects to our business, results of operations and liquidity if
past and future undertakings, and the associated changes to our
business, do not prove to be cost effective or do not result in the
cost savings and other benefits at the levels that we anticipate.
Our plans related to and the timing of any initiatives are subject
to change at any time based on management’s subjective evaluation
of our overall business needs. If we are unable to realize the
anticipated benefits from our efforts, we could become cost
disadvantaged in the marketplace, and our competitiveness and our
profitability could decrease. Capital expenditures may vary based
on changes in business plans and other factors, including risks
related to the implementation of various initiatives, the timing
and successful completion of acquisitions, construction schedules
and the possibility that other cash requirements could result in
delays or cancellations of capital spending. Periods of high
inflation, either overall or in certain product categories, can
have a negative impact on us and our customers, as high food costs
can reduce consumer spending in the food-away-from-home market, and
may negatively impact our sales, gross profit, operating income and
earnings, and periods of deflation can be difficult to manage
effectively. Fluctuations in inflation and deflation, as well as
fluctuations in the value of foreign currencies, are beyond our
control and subject to broader market forces. Expanding into
international markets presents unique challenges and risks,
including compliance with local laws, regulations and customs and
the impact of local political and economic conditions, including
the impact of Brexit, and such expansion efforts, including our
Brakes acquisition, may not be successful. Any business that we
acquire, including the Brakes transaction, may not perform as
expected, and we may not realize the anticipated benefits of our
acquisitions. The Brakes Group acquisition will require a
significant commitment of time and company resources, and realizing
the anticipated benefits from the transaction may take longer than
expected. Expectations regarding the accounting treatment of
any acquisitions may change based on management’s subjective
evaluation. Expectations regarding share repurchases are subject to
various factors beyond management’s control, including fluctuations
in the stock market, and decisions regarding share repurchases are
subject to change based on management’s subjective evaluation of
the company’s needs. Expectations regarding tax rates are also
subject to various factors beyond management’s control. For a
discussion of additional factors impacting Sysco’s business, see
the company’s Annual Report on Form 10-K for the year ended
June 27, 2015, as filed with the Securities and Exchange
Commission, and the company’s subsequent filings with the SEC,
including the 10-K for fiscal 2016, which we expect to file
shortly. Sysco does not undertake to update its forward-looking
statements, except as required by applicable law.
Sysco Corporation and its Consolidated
Subsidiaries |
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CONSOLIDATED RESULTS OF OPERATIONS
(Unaudited) |
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(In
Thousands, Except for Share and Per Share
Data) |
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Quarter
Ended |
|
Year
Ended |
|
|
July 2, 2016 (14
Weeks) |
|
June 27, 2015 (13
Weeks) |
|
July 2, 2016 (53
Weeks) |
|
June 27, 2015 (52
Weeks) |
|
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|
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|
|
|
|
|
|
Sales |
$ |
|
13,647,891 |
|
|
$ |
|
12,401,938 |
|
|
$ |
|
50,366,919 |
|
|
$ |
|
48,680,752 |
|
Cost of sales |
|
|
|
11,145,053 |
|
|
|
|
10,181,774 |
|
|
|
|
41,326,447 |
|
|
|
|
40,129,236 |
|
Gross
profit |
|
|
2,502,838 |
|
|
|
|
2,220,164 |
|
|
|
|
9,040,472 |
|
|
|
|
8,551,516 |
|
Operating
expenses |
|
|
1,956,013 |
|
|
|
|
2,099,169 |
|
|
|
|
7,189,972 |
|
|
|
|
7,322,154 |
|
Operating
income |
|
|
546,825 |
|
|
|
|
120,995 |
|
|
|
|
1,850,500 |
|
|
|
|
1,229,362 |
|
Interest
expense |
|
|
74,305 |
|
|
|
|
77,281 |
|
|
|
|
306,146 |
|
|
|
|
254,807 |
|
Other
expense (income), net |
|
|
141,303 |
|
|
|
|
(25,034 |
) |
|
|
|
111,347 |
|
|
|
|
(33,592 |
) |
Earnings
before income taxes |
|
|
331,217 |
|
|
|
|
68,748 |
|
|
|
|
1,433,007 |
|
|
|
|
1,008,147 |
|
Income
taxes |
|
|
115,550 |
|
|
|
|
(4,278 |
) |
|
|
|
483,385 |
|
|
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|
321,374 |
|
Net
earnings |
$ |
|
215,667 |
|
|
$ |
|
73,026 |
|
|
$ |
|
949,622 |
|
|
$ |
|
686,773 |
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Net earnings: |
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|
Basic earnings per
share |
$ |
|
0.38 |
|
|
$ |
|
0.12 |
|
|
$ |
|
1.66 |
|
|
$ |
|
1.16 |
|
Diluted earnings per
share |
|
|
0.38 |
|
|
|
|
0.12 |
|
|
|
|
1.64 |
|
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|
1.15 |
|
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|
Average shares
outstanding |
|
|
|
562,924,016 |
|
|
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|
595,258,654 |
|
|
|
|
573,057,406 |
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|
|
|
592,072,308 |
|
Diluted shares
outstanding |
|
|
|
567,997,290 |
|
|
|
|
599,259,889 |
|
|
|
|
577,391,406 |
|
|
|
|
596,849,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share |
|
$ |
|
0.31 |
|
|
$ |
|
0.30 |
|
|
$ |
|
1.23 |
|
|
$ |
|
1.19 |
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|
|
|
|
|
|
|
(In
Thousands, Except for Share Data) |
|
|
|
|
|
|
|
|
July 2, 2016 |
|
June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
|
3,919,300 |
|
|
$ |
|
5,130,044 |
|
|
|
|
Accounts
and notes receivable, less allowances of $37,880 and $41,720 |
|
|
3,380,971 |
|
|
|
|
3,353,381 |
|
|
|
|
Inventories |
|
|
2,639,174 |
|
|
|
|
2,691,823 |
|
|
|
|
Deferred
income taxes |
|
|
- |
|
|
|
|
135,254 |
|
|
|
|
Prepaid
expenses and other current assets |
|
|
114,454 |
|
|
|
|
93,039 |
|
|
|
|
Prepaid
income taxes |
|
|
- |
|
|
|
|
90,763 |
|
|
|
|
Total
current assets |
|
|
10,053,899 |
|
|
|
|
11,494,304 |
|
|
|
Plant and equipment at cost, less depreciation |
|
|
3,880,442 |
|
|
|
|
3,982,143 |
|
|
|
Other assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
2,121,661 |
|
|
|
|
1,959,817 |
|
|
|
|
Intangibles, less amortization |
|
|
207,461 |
|
|
|
|
154,809 |
|
|
|
|
Restricted cash |
|
|
- |
|
|
|
|
168,274 |
|
|
|
|
Deferred
income taxes |
|
|
207,320 |
|
|
|
|
- |
|
|
|
|
Other
assets |
|
|
251,021 |
|
|
|
|
229,934 |
|
|
|
|
Total
other assets |
|
|
2,787,463 |
|
|
|
|
2,512,834 |
|
|
|
Total assets |
$ |
|
16,721,804 |
|
|
$ |
|
17,989,281 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Notes
payable |
$ |
|
89,563 |
|
|
$ |
|
70,751 |
|
|
|
|
Accounts
payable |
|
|
2,935,982 |
|
|
|
|
2,881,953 |
|
|
|
|
Accrued
expenses |
|
|
1,289,312 |
|
|
|
|
1,467,610 |
|
|
|
|
Accrued
income taxes |
|
|
110,690 |
|
|
|
|
- |
|
|
|
|
Current
maturities of long-term debt |
|
|
8,909 |
|
|
|
|
4,979,301 |
|
|
|
|
Total
current liabilities |
|
|
4,434,456 |
|
|
|
|
9,399,615 |
|
|
|
Other liabilities |
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
7,336,930 |
|
|
|
|
2,271,825 |
|
|
|
|
Deferred
income taxes |
|
|
26,942 |
|
|
|
|
81,591 |
|
|
|
|
Other
long-term liabilities |
|
|
1,368,482 |
|
|
|
|
934,722 |
|
|
|
|
Total other
liabilities |
|
|
8,732,354 |
|
|
|
|
3,288,138 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Noncontrolling interest |
|
|
75,386 |
|
|
|
|
41,304 |
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Preferred
stock, par value $1 per share, Authorized 1,500,000 shares, issued
none |
|
|
- |
|
|
|
|
- |
|
|
|
|
Common
stock, par value $1 per share, Authorized 2,000,000,000 shares,
issued 765,174,900 shares |
|
|
765,175 |
|
|
|
|
765,175 |
|
|
|
|
Paid-in
capital |
|
|
1,281,140 |
|
|
|
|
1,213,999 |
|
|
|
|
Retained
earnings |
|
|
9,006,138 |
|
|
|
|
8,751,985 |
|
|
|
|
Accumulated
other comprehensive loss |
|
|
(1,358,118 |
) |
|
|
|
(923,197 |
) |
|
|
|
Treasury
stock at cost, 205,577,484 and 170,857,231 |
|
|
(6,214,727 |
) |
|
|
|
(4,547,738 |
) |
|
|
|
Total
shareholders' equity |
|
|
3,479,608 |
|
|
|
|
5,260,224 |
|
|
|
Total liabilities and shareholders' equity |
$ |
|
16,721,804 |
|
|
$ |
|
17,989,281 |
|
|
|
|
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
CONSOLIDATED CASH FLOWS (Unaudited) |
|
|
|
|
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
|
July 2, 2016 (53
Weeks) |
|
June 27, 2015 (52
Weeks) |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net earnings |
$ |
|
949,622 |
|
|
$ |
|
686,773 |
|
|
|
Adjustments to reconcile net earnings to cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Share-based
compensation expense |
|
|
79,466 |
|
|
|
|
73,766 |
|
|
|
|
Depreciation and amortization |
|
|
662,710 |
|
|
|
|
553,021 |
|
|
|
|
Amortization of debt issuance and other debt-related costs |
|
|
45,137 |
|
|
|
|
27,943 |
|
|
|
|
Loss on
extinguishment of debt |
|
|
86,460 |
|
|
|
|
- |
|
|
|
|
Loss on
foreign exchange remeasurement |
|
|
101,228 |
|
|
|
|
- |
|
|
|
|
Deferred
income taxes |
|
|
93,871 |
|
|
|
|
(4,705 |
) |
|
|
|
Provision
for losses on receivables |
|
|
20,372 |
|
|
|
|
17,996 |
|
|
|
|
Other
non-cash items |
|
|
23,347 |
|
|
|
|
(24,205 |
) |
|
|
Additional changes in certain assets and liabilities, net of
effect of businesses acquired: |
|
|
|
|
|
|
|
|
(Increase)
in receivables |
|
|
(27,311 |
) |
|
|
|
(11,741 |
) |
|
|
|
Decrease
(increase) in inventories |
|
|
66,937 |
|
|
|
|
(125,232 |
) |
|
|
|
(Increase)
in prepaid expenses and other current assets |
|
|
(8,468 |
) |
|
|
|
(10,508 |
) |
|
|
|
Increase in
accounts payable |
|
|
23,863 |
|
|
|
|
72,516 |
|
|
|
|
(Decrease)
increase in accrued expenses |
|
|
(178,275 |
) |
|
|
|
464,403 |
|
|
|
|
Increase
(decrease) in accrued income taxes |
|
|
231,542 |
|
|
|
|
(32,843 |
) |
|
|
|
(Increase)
in other assets |
|
|
(6,639 |
) |
|
|
|
(10,745 |
) |
|
|
|
(Decrease)
in other long-term liabilities |
|
|
(196,190 |
) |
|
|
|
(105,501 |
) |
|
|
|
Excess tax
benefits from share-based compensation arrangements |
|
|
(34,530 |
) |
|
|
|
(15,454 |
) |
|
|
Net cash provided by operating activities |
|
|
1,933,142 |
|
|
|
|
1,555,484 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Additions to plant and equipment |
|
|
(527,346 |
) |
|
|
|
(542,830 |
) |
|
|
Proceeds from sales of plant and equipment |
|
|
23,511 |
|
|
|
|
24,472 |
|
|
|
Acquisition of businesses, net of cash acquired |
|
|
(219,218 |
) |
|
|
|
(115,862 |
) |
|
|
Decrease (increase) in restricted cash |
|
|
168,274 |
|
|
|
|
(20,126 |
) |
|
|
Purchase of foreign currency options |
|
|
(103,501 |
) |
|
|
|
- |
|
|
|
Proceeds from the sale of foreign currency options |
|
|
57,452 |
|
|
|
|
- |
|
|
|
Net cash used for investing activities |
|
|
(600,828 |
) |
|
|
|
(654,346 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Bank and commercial paper borrowings (repayments), net |
|
|
- |
|
|
|
|
(129,999 |
) |
|
|
Other debt borrowings |
|
|
5,134,709 |
|
|
|
|
5,041,032 |
|
|
|
Other debt repayments |
|
|
(126,797 |
) |
|
|
|
(354,007 |
) |
|
|
Senior note redemption repayments |
|
|
(5,050,000 |
) |
|
|
|
- |
|
|
|
Debt issuance costs |
|
|
(39,676 |
) |
|
|
|
(30,980 |
) |
|
|
Cash paid for settlement of cash flow hedge |
|
|
(6,134 |
) |
|
|
|
(188,840 |
) |
|
|
Cash received from the termination of interest rate swap
agreements |
|
14,496 |
|
|
|
|
- |
|
|
|
Proceeds from stock option exercises |
|
|
282,455 |
|
|
|
|
240,176 |
|
|
|
Accelerated share and treasury stock purchases |
|
|
(1,949,445 |
) |
|
|
|
- |
|
|
|
Dividends paid |
|
|
(698,869 |
) |
|
|
|
(695,274 |
) |
|
|
Excess tax benefits from share-based compensation
arrangements |
|
|
34,530 |
|
|
|
|
15,454 |
|
|
|
Net cash (used for) provided by financing activities |
|
|
(2,404,731 |
) |
|
|
|
3,897,562 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash |
|
|
(138,327 |
) |
|
|
|
(81,702 |
) |
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(1,210,744 |
) |
|
|
|
4,716,998 |
|
|
Cash and cash equivalents at beginning of period |
|
|
5,130,044 |
|
|
|
|
413,046 |
|
|
Cash and cash equivalents at end of period |
$ |
|
3,919,300 |
|
|
$ |
|
5,130,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
$ |
|
200,174 |
|
|
$ |
|
192,939 |
|
|
|
|
Income
taxes |
|
|
180,565 |
|
|
|
|
376,508 |
|
|
|
|
|
|
|
|
|
|
|
Sysco
Corporation and its Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Impact of Certain Items and extra week in fiscal year/4th
fiscal quarter |
|
|
|
|
|
|
|
|
|
|
|
|
(In
Thousands, Except for Share and Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sysco’s results of operations are impacted by
certain items which include restructuring costs (consisting of
severance charges, facility closure charges, professional fees
incurred relatedto our three-year strategic plan and costs
associated with changes to our business technology strategy),
acquisition costs (consisting of merger and integration planning
and terminationcosts in connection with the merger that had been
proposed with US Foods, Inc. (US Foods) and Brakes acquisition
transaction costs for the pending acquisition of these
operations),acquisition financing costs (consisting of US Foods
related financing costs and Brakes related financing costs) and
loss on foreign currency remeasurement and hedging. The US
Foodscosts were limited to the first quarter of fiscal 2016 and
fiscal 2015. The Brakes costs were limited to the third and
fourth quarters of fiscal 2016. The loss on foreign
currencyremeasurement and hedging related to the foreign cash
accumulated and economically hedged for the Brakes
acquisition. These fiscal 2016 and fiscal 2015 items are
collectively referredto as "Certain Items." Management
believes that adjusting its operating expenses, operating income,
operating margin as a percentage of sales, interest expense, net
earnings and dilutedearnings per share to remove these Certain
Items provides an important perspective with respect to our
underlying business trends and results and provides meaningful
supplementalinformation to both management and investors that (1)
is indicative of the performance of the company's underlying
operations and facilitates comparisons on a year-over-year basis
and(2) removes those items that are difficult to predict and are
often unanticipated, and which as a result, are difficult to
include in analysts' financial models and our investors'
expectationswith any degree of specificity. Sysco’s fiscal
year ends on the Saturday nearest to June 30th. This resulted in a
53-week year ending July 2, 2016 for fiscal 2016 and 52-week
yearending June 27, 2015 for fiscal 2015. Because the fourth
quarter of fiscal 2016 contained an additional week as compared to
fiscal 2015, our Consolidated Results of Operations for fiscal2016
are not directly comparable to the prior year. Management
believes that adjusting the fiscal 2016 Consolidated Results of
Operations for the estimated impact of the additional weekprovides
more comparable financial results on a year-over-year basis.
As a result, the metrics from the Consolidated Results of
Operations for fiscal 2016 presented in the table below areadjusted
by one-fourteenth of the total metric for the fourth quarter.
Failure to make these adjustments causes the year-over-year changes
in certain metrics such as sales, operatingexpenses, operating
income, net earnings and diluted earnings per share to be
overstated, whereas in certain cases, a metric may actually have
declined on a more comparable year-over-year basis. Set forth
below is a reconciliation of actual results to adjusted results for
the periods presented: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
July 2, 2016 |
|
|
June 27, 2015 |
|
|
Period Change $ |
|
Period Change % |
|
|
Sales |
$ |
|
13,647,891 |
|
|
$ |
|
12,401,938 |
|
|
$ |
|
1,245,953 |
|
|
|
10.0 |
% |
|
|
Less 1 week fourth
quarter sales |
|
|
(974,849 |
) |
|
|
|
- |
|
|
|
|
(974,849 |
) |
|
|
NM |
|
|
Comparable
sales using a 13 week basis |
$ |
|
12,673,042 |
|
|
$ |
|
12,401,938 |
|
|
$ |
|
271,104 |
|
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
|
2,502,838 |
|
|
$ |
|
2,220,164 |
|
|
$ |
|
282,674 |
|
|
|
12.7 |
% |
|
|
Less 1 week fourth
quarter gross profit |
|
|
(178,774 |
) |
|
|
|
- |
|
|
|
|
(178,774 |
) |
|
|
NM |
|
|
Comparable
gross profit using a 13 week basis |
$ |
|
2,324,064 |
|
|
$ |
|
2,220,164 |
|
|
$ |
|
103,900 |
|
|
|
4.7 |
% |
|
|
Gross margin using a 13
week basis |
|
|
18.34 |
% |
|
|
|
17.90 |
% |
|
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (GAAP) |
$ |
|
1,956,013 |
|
|
$ |
|
2,099,169 |
|
|
$ |
|
(143,156 |
) |
|
|
-6.8 |
% |
|
|
Impact of restructuring
costs (1) |
|
|
(56,220 |
) |
|
|
|
(1,692 |
) |
|
|
|
(54,528 |
) |
|
|
NM |
|
|
Impact of
acquisition-related costs (2) |
|
|
(25,212 |
) |
|
|
|
(386,558 |
) |
|
|
|
361,346 |
|
|
|
-93.5 |
% |
|
|
Subtotal -
Operating expenses excluding certain items (Non-GAAP) |
|
|
1,874,581 |
|
|
|
|
1,710,919 |
|
|
|
|
163,662 |
|
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less 1 week fourth
quarter operating expense |
|
|
(133,899 |
) |
|
|
|
- |
|
|
|
|
(133,899 |
) |
|
|
NM |
|
|
Operating
expenses adjusted for certain items and extra week
(Non-GAAP) |
$ |
|
1,740,682 |
|
|
$ |
|
1,710,919 |
|
|
$ |
|
29,763 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (GAAP) |
$ |
|
546,825 |
|
|
$ |
|
120,995 |
|
|
$ |
|
425,830 |
|
|
|
NM |
|
|
Impact of restructuring
costs (1) |
|
|
56,220 |
|
|
|
|
1,692 |
|
|
|
|
54,528 |
|
|
|
NM |
|
|
Impact of
acquisition-related costs (2) |
|
|
25,212 |
|
|
|
|
386,558 |
|
|
|
|
(361,346 |
) |
|
|
-93.5 |
% |
|
|
Subtotal -
Operating income excluding certain items (Non-GAAP) |
|
|
628,257 |
|
|
|
|
509,245 |
|
|
|
|
119,012 |
|
|
|
23.4 |
% |
|
|
Less 1 week fourth
quarter operating income |
|
|
(44,876 |
) |
|
|
|
- |
|
|
|
|
(44,876 |
) |
|
|
NM |
|
|
Operating
income adjusted for certain items and extra week
(Non-GAAP) |
$ |
|
583,381 |
|
|
$ |
|
509,245 |
|
|
$ |
|
74,136 |
|
|
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin (GAAP) |
|
|
4.01 |
% |
|
|
|
0.98 |
% |
|
|
|
3.03 |
% |
|
|
NM |
|
|
Operating
margin excluding Certain Items (Non-GAAP) |
|
|
4.60 |
% |
|
|
|
4.11 |
% |
|
|
|
0.50 |
% |
|
|
12.1 |
% |
|
|
Operating
margin adjusted for 13 weeks (Non-GAAP) |
|
|
4.27 |
% |
|
|
|
4.11 |
% |
|
|
|
0.17 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense (GAAP) |
$ |
|
74,305 |
|
|
$ |
|
77,281 |
|
|
$ |
|
(2,976 |
) |
|
|
-3.9 |
% |
|
|
Impact of acquisition
financing costs (3) |
|
|
(18,660 |
) |
|
|
|
(41,331 |
) |
|
|
|
22,671 |
|
|
|
-54.9 |
% |
|
|
Subtotal -
Adjusted interest expense (Non-GAAP) |
|
|
55,645 |
|
|
|
|
35,950 |
|
|
|
|
19,695 |
|
|
|
54.8 |
% |
|
|
Less 1 week fourth
quarter interest expense |
|
|
(3,975 |
) |
|
|
|
- |
|
|
|
|
(3,975 |
) |
|
|
NM |
|
|
Interest
expense adjusted for certain items and extra week
(Non-GAAP) |
$ |
|
51,670 |
|
|
$ |
|
35,950 |
|
|
$ |
|
15,720 |
|
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expense |
$ |
|
141,303 |
|
|
$ |
|
(25,034 |
) |
|
$ |
|
166,337 |
|
|
|
NM |
|
|
Impact of foreign
currency remeasurement and hedging |
|
|
(146,950 |
) |
|
|
|
- |
|
|
|
|
(146,950 |
) |
|
|
NM |
|
|
Subtotal -
Other (income) expense (Non-GAAP) |
|
|
(5,647 |
) |
|
|
|
(25,034 |
) |
|
|
|
19,387 |
|
|
|
-77.4 |
% |
|
|
Less 1 week fourth
quarter other (income) expense |
|
|
403 |
|
|
|
|
- |
|
|
|
|
403 |
|
|
|
NM |
|
|
Other (income)
expense adjusted for certain items and extra week
(Non-GAAP) |
$ |
|
(5,244 |
) |
|
$ |
|
(25,034 |
) |
|
$ |
|
19,790 |
|
|
|
-79.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(GAAP) |
$ |
|
215,667 |
|
|
$ |
|
73,026 |
|
|
$ |
|
142,641 |
|
|
|
195.3 |
% |
|
|
Impact of restructuring
cost (1) |
|
|
56,220 |
|
|
|
|
1,692 |
|
|
|
|
54,528 |
|
|
|
NM |
|
|
Impact of
acquisition-related costs (2) |
|
|
25,212 |
|
|
|
|
386,558 |
|
|
|
|
(361,346 |
) |
|
|
-93.5 |
% |
|
|
Impact of acquisition
financing costs (3) |
|
|
18,660 |
|
|
|
|
41,331 |
|
|
|
|
(22,671 |
) |
|
|
-54.9 |
% |
|
|
Impact of foreign
currency remeasurement and hedging |
|
|
146,950 |
|
|
|
|
- |
|
|
|
|
146,950 |
|
|
|
NM |
|
|
Tax impact of
restructuring cost (4) |
|
|
(22,083 |
) |
|
|
|
(762 |
) |
|
|
|
(21,321 |
) |
|
|
NM |
|
|
Tax impact of
acquisition-related costs (4) |
|
|
(9,903 |
) |
|
|
|
(174,071 |
) |
|
|
|
164,168 |
|
|
|
-94.3 |
% |
|
|
Tax impact of
acquisition financing costs (4) |
|
|
(7,330 |
) |
|
|
|
(18,612 |
) |
|
|
|
11,282 |
|
|
|
-60.6 |
% |
|
|
Tax impact of foreign
currency remeasurement and hedging (4) |
|
|
(57,722 |
) |
|
|
|
- |
|
|
|
|
(57,722 |
) |
|
|
NM |
|
|
Subtotal -
Earnings excluding certain items |
|
|
365,671 |
|
|
|
|
309,162 |
|
|
|
|
56,509 |
|
|
|
18.3 |
% |
|
|
Less 1 week fourth
quarter net earnings |
|
|
(26,119 |
) |
|
|
|
- |
|
|
|
|
(26,119 |
) |
|
|
NM |
|
|
Net earnings
adjusted for certain items and extra week (Non-GAAP) |
$ |
|
339,552 |
|
|
$ |
|
309,162 |
|
|
$ |
|
30,390 |
|
|
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (GAAP) |
$ |
|
0.38 |
|
|
$ |
|
0.12 |
|
|
$ |
|
0.26 |
|
|
|
216.7 |
% |
|
|
Impact of restructuring
costs (1) |
|
|
0.10 |
|
|
|
|
- |
|
|
|
|
0.10 |
|
|
|
NM |
|
|
Impact of
acquisition-related costs (2) |
|
|
0.04 |
|
|
|
|
0.65 |
|
|
|
|
(0.61 |
) |
|
|
-93.8 |
% |
|
|
Impact of acquisition
financing costs (3) |
|
|
0.03 |
|
|
|
|
0.07 |
|
|
|
|
(0.04 |
) |
|
|
-57.1 |
% |
|
|
Impact of foreign
currency remeasurement and hedging |
|
|
0.26 |
|
|
|
|
- |
|
|
|
|
0.26 |
|
|
|
NM |
|
|
Tax impact of
restructuring cost (4) |
|
|
(0.04 |
) |
|
|
|
- |
|
|
|
|
(0.04 |
) |
|
|
NM |
|
|
Tax impact of
acquisition-related costs (4) |
|
|
(0.02 |
) |
|
|
|
(0.30 |
) |
|
|
|
0.28 |
|
|
|
-93.3 |
% |
|
|
Tax impact of
acquisition financing costs (4) |
|
|
(0.01 |
) |
|
|
|
(0.03 |
) |
|
|
|
0.02 |
|
|
|
-66.7 |
% |
|
|
Tax impact of foreign
currency remeasurement and hedging (4) |
|
|
(0.10 |
) |
|
|
|
- |
|
|
|
|
(0.10 |
) |
|
|
NM |
|
|
Diluted EPS
excluding certain items |
|
|
0.64 |
|
|
|
|
0.52 |
|
|
|
|
0.12 |
|
|
|
23.1 |
% |
|
|
Less 1 week impact of
fourth quarter diluted earnings per share |
|
|
(0.05 |
) |
|
|
|
- |
|
|
|
|
(0.05 |
) |
|
|
NM |
|
|
Diluted EPS
adjusted for certain items and extra week (Non-GAAP)
(5) |
$ |
|
0.60 |
|
|
$ |
|
0.52 |
|
|
$ |
|
0.08 |
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
|
|
567,997,290 |
|
|
|
|
599,259,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes severance charges, professional fees on 3-year
financial objectives, facility closure costs and costs associated
with our revised business technology strategy. |
|
(2) Includes US Foods merger and integration planning and
transaction costs (fourth quarter fiscal 2015) and Brakes
Acquisition transaction costs (fourth quarter of fiscal 2016) |
|
(3) Includes US Foods financing costs (fourth quarter fiscal
2015) and Brakes acquisition financing costs (fourth quarter fiscal
2016) |
|
|
(4) The tax impact of adjustments for Certain Items are
calculated based on jurisdictions by multiplying the pretax impact
of each Certain Item by the statutory rates in effect for
eachjurisdiction. As a result, the effective tax rate for
each Certain Item may differ based on the jurisdiction where the
Certain Item was incurred. |
|
(5) Individual components of diluted earnings per share may
not add to the total presented due to rounding. Total diluted
earnings per share is calculated using adjusted net earningsdivided
by diluted shares outstanding. |
|
NM
represents that the percentage change is not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
Sysco
Corporation and its Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Impact of Certain Items and extra week in fiscal year/4th
fiscal quarter |
|
|
|
|
|
|
|
|
|
|
|
(In
Thousands, Except for Share and Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
July 2, 2016 |
|
|
June 27, 2015 |
|
|
PeriodChange $ |
|
PeriodChange % |
|
Sales |
$ |
|
50,366,919 |
|
|
$ |
|
48,680,752 |
|
|
$ |
|
1,686,167 |
|
|
|
3.5 |
% |
|
Less 1 week fourth
quarter sales |
|
|
(974,849 |
) |
|
|
|
- |
|
|
|
|
(974,849 |
) |
|
|
NM |
|
Comparable
sales using a 52 week basis |
$ |
|
49,392,070 |
|
|
$ |
|
48,680,752 |
|
|
$ |
|
711,318 |
|
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
|
9,040,472 |
|
|
$ |
|
8,551,516 |
|
|
$ |
|
488,956 |
|
|
|
5.7 |
% |
|
Less 1 week fourth
quarter gross profit |
|
|
(178,774 |
) |
|
|
|
- |
|
|
|
|
(178,774 |
) |
|
|
NM |
|
Comparable
gross profit using a 52 week basis |
$ |
|
8,861,698 |
|
|
$ |
|
8,551,516 |
|
|
$ |
|
310,182 |
|
|
|
3.6 |
% |
|
Gross margin using a 52
week basis |
|
|
17.94 |
% |
|
|
|
17.57 |
% |
|
|
|
|
|
0.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (GAAP) |
$ |
|
7,189,972 |
|
|
$ |
|
7,322,154 |
|
|
$ |
|
(132,182 |
) |
|
|
-1.8 |
% |
|
Impact of restructuring
cost (1) |
|
|
(123,134 |
) |
|
|
|
(7,801 |
) |
|
|
|
(115,333 |
) |
|
|
NM |
|
Impact of
acquisition-related costs (2) |
|
|
(35,614 |
) |
|
|
|
(554,667 |
) |
|
|
|
519,052 |
|
|
|
-93.6 |
% |
|
Subtotal-Operating
expenses excluding certain items (Non-GAAP) |
|
|
7,031,224 |
|
|
|
|
6,759,686 |
|
|
|
|
271,537 |
|
|
|
4.0 |
% |
|
Less 1 week fourth
quarter operating expense |
|
|
(133,899 |
) |
|
|
|
- |
|
|
|
|
(133,899 |
) |
|
|
NM |
|
Operating
expenses adjusted for certain items
and extra week (Non-GAAP) |
$ |
|
6,897,325 |
|
|
$ |
|
6,759,686 |
|
|
$ |
|
137,639 |
|
|
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NM |
|
Operating
income (GAAP) |
$ |
|
1,850,500 |
|
|
$ |
|
1,229,362 |
|
|
$ |
|
621,138 |
|
|
|
50.5 |
% |
|
Impact of restructuring
cost (1) |
|
|
123,134 |
|
|
|
|
7,801 |
|
|
|
|
115,333 |
|
|
|
NM |
|
Impact of
acquisition-related costs (2) |
|
|
35,614 |
|
|
|
|
554,667 |
|
|
|
|
(519,052 |
) |
|
|
-93.6 |
% |
|
Subtotal -
Operating income excluding certain items (Non-GAAP) |
|
|
2,009,248 |
|
|
|
|
1,791,830 |
|
|
|
|
217,419 |
|
|
|
12.1 |
% |
|
Less 1 week fourth
quarter operating income |
|
|
(44,876 |
) |
|
|
|
- |
|
|
|
|
(44,876 |
) |
|
|
NM |
|
Operating
income adjusted for certain items and extra
week
(Non-GAAP) |
$ |
|
1,964,372 |
|
|
$ |
|
1,791,830 |
|
|
$ |
|
172,543 |
|
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin (GAAP) |
|
|
3.67 |
% |
|
|
|
2.53 |
% |
|
|
|
1.15 |
% |
|
|
45.5 |
% |
|
Operating
margin excluding Certain Items (Non-GAAP) |
|
|
3.99 |
% |
|
|
|
3.68 |
% |
|
|
|
0.31 |
% |
|
|
8.4 |
% |
|
Operating
margin adjusted for 52 weeks (Non-GAAP) |
|
|
3.98 |
% |
|
|
|
3.68 |
% |
|
|
|
0.30 |
% |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense (GAAP) |
$ |
|
306,146 |
|
|
$ |
|
254,807 |
|
|
$ |
|
51,339 |
|
|
|
20.1 |
% |
|
Impact of acquisition
financing costs (3) |
|
|
(123,990 |
) |
|
|
|
(138,422 |
) |
|
|
|
14,432 |
|
|
|
-10.4 |
% |
|
Subtotal -
Adjusted interest expense (Non-GAAP) |
|
|
182,156 |
|
|
|
|
116,385 |
|
|
|
|
65,771 |
|
|
|
56.5 |
% |
|
Less 1 week fourth
quarter other (income) expense |
|
|
(3,975 |
) |
|
|
|
- |
|
|
|
|
(3,975 |
) |
|
|
NM |
|
Interest
expense adjusted for certain items and extra week
(Non-GAAP) |
$ |
|
178,181 |
|
|
$ |
|
116,385 |
|
|
$ |
|
61,797 |
|
|
|
53.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expense |
$ |
|
111,347 |
|
|
$ |
|
(33,592 |
) |
|
$ |
|
144,939 |
|
|
|
NM |
|
Impact of foreign
currency remeasurement and hedging |
|
|
(146,950 |
) |
|
|
|
- |
|
|
|
|
(146,950 |
) |
|
|
NM |
|
Subtotal -
Other (income) expense (Non-GAAP) |
|
|
(35,603 |
) |
|
|
|
(33,592 |
) |
|
|
|
(2,011 |
) |
|
|
6.0 |
% |
|
Less 1 week fourth
quarter other (income) expense |
|
|
403 |
|
|
|
|
- |
|
|
|
|
403 |
|
|
|
NM |
|
Other (income)
expense adjusted for certain items and extra week
(Non-GAAP) |
$ |
|
(35,200 |
) |
|
$ |
|
(33,592 |
) |
|
$ |
|
(1,608 |
) |
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(GAAP) |
$ |
|
949,622 |
|
|
$ |
|
686,773 |
|
|
$ |
|
262,849 |
|
|
|
38.3 |
% |
|
Impact of restructuring
cost (1) |
|
|
123,134 |
|
|
|
|
7,801 |
|
|
|
|
115,333 |
|
|
|
NM |
|
Impact of
acquisition-related costs (2) |
|
|
35,614 |
|
|
|
|
554,667 |
|
|
|
|
(519,053 |
) |
|
|
-93.6 |
% |
|
Impact of acquisition
financing costs (3) |
|
|
123,990 |
|
|
|
|
138,422 |
|
|
|
|
(14,432 |
) |
|
|
-10.4 |
% |
|
Impact of foreign
currency remeasurement and hedging |
|
|
146,950 |
|
|
|
|
- |
|
|
|
|
146,950 |
|
|
|
NM |
|
Tax impact of
restructuring cost (4) |
|
|
(47,333 |
) |
|
|
|
(3,200 |
) |
|
|
|
(44,133 |
) |
|
|
NM |
|
Tax impact of
acquisition-related costs (4) |
|
|
(13,690 |
) |
|
|
|
(227,518 |
) |
|
|
|
213,828 |
|
|
|
-94.0 |
% |
|
Tax impact of
acquisition financing costs (4) |
|
|
(47,662 |
) |
|
|
|
(56,779 |
) |
|
|
|
9,117 |
|
|
|
-16.1 |
% |
|
Tax impact of foreign
currency remeasurement and hedging(4) |
|
|
(56,488 |
) |
|
|
|
- |
|
|
|
|
(56,488 |
) |
|
|
NM |
|
Subtotal -
Earnings excluding certain items |
|
|
1,214,137 |
|
|
|
|
1,100,166 |
|
|
|
|
113,971 |
|
|
|
10.4 |
% |
|
Less 1 week fourth
quarter net earnings |
|
|
(26,119 |
) |
|
|
|
- |
|
|
|
|
(26,119 |
) |
|
|
NM |
|
Net earnings
adjusted for certain items and extra week (Non-GAAP) |
$ |
|
1,188,018 |
|
|
$ |
|
1,100,166 |
|
|
$ |
|
87,852 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (GAAP) |
$ |
|
1.64 |
|
|
$ |
|
1.15 |
|
|
$ |
|
0.49 |
|
|
|
42.6 |
% |
|
Impact of restructuring
cost (1) |
|
|
0.21 |
|
|
|
|
- |
|
|
|
|
0.21 |
|
|
|
NM |
|
Impact of
acquisition-related costs (2) |
|
|
0.06 |
|
|
|
|
0.93 |
|
|
|
|
(0.87 |
) |
|
|
-93.5 |
% |
|
Impact of acquisition
financing costs (3) |
|
|
0.21 |
|
|
|
|
0.24 |
|
|
|
|
(0.03 |
) |
|
|
-12.5 |
% |
|
Impact of foreign
currency remeasurement and hedging |
|
|
0.25 |
|
|
|
|
- |
|
|
|
|
0.25 |
|
|
|
NM |
|
Tax impact of
restructuring cost (4) |
|
|
(0.08 |
) |
|
|
|
- |
|
|
|
|
(0.08 |
) |
|
|
NM |
|
Tax impact of
acquisition-related costs (4) |
|
|
(0.02 |
) |
|
|
|
(0.38 |
) |
|
|
|
0.36 |
|
|
|
-94.7 |
% |
|
Tax impact of
acquisition financing costs (4) |
|
|
(0.08 |
) |
|
|
|
(0.10 |
) |
|
|
|
0.02 |
|
|
|
-20.0 |
% |
|
Tax impact of foreign
currency remeasurement and hedging(4) |
|
|
(0.10 |
) |
|
|
|
- |
|
|
|
|
(0.10 |
) |
|
|
NM |
|
Diluted EPS
excluding certain items |
|
|
2.10 |
|
|
|
|
1.84 |
|
|
|
|
0.26 |
|
|
|
14.1 |
% |
|
Less 1 week impact of
fourth quarter diluted earnings per share |
|
|
(0.05 |
) |
|
|
|
- |
|
|
|
|
(0.05 |
) |
|
|
NM |
|
Diluted EPS
adjusted for certain items and extra week (Non-GAAP)
(5) |
$ |
|
2.06 |
|
|
$ |
|
1.84 |
|
|
$ |
|
0.22 |
|
|
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
|
|
577,391,406 |
|
|
|
|
596,849,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes severance charges, professional fees on 3-year
financial objectives, facility closure costs and costs associated
with our revised business technology strategy. |
|
(2) Includes US Foods merger and integration planning and
transaction costs (first quarter 2016 and fiscal 2015 only) and
Brakes acquisition transaction costs (thirdand fourth quarters
fiscal 2016 only) |
|
(3) Includes US Foods financing costs (first quarter 2016 and
fiscal 2015 only) and Brakes acquisition financing costs (third and
fourth quarter fiscal 2016 only) |
|
(4) The tax impact of adjustments for Certain Items are
calculated based on jurisdictions by multiplying the pretax impact
of each Certain Item by the statutory rates in effect foreach
jurisdiction. As a result, the effective tax rate for each
Certain Item may differ based on the jurisdiction where the Certain
Item was incurred. |
(5) Individual components of diluted earnings per share may
not add to the total presented due to rounding. Total diluted
earnings per share is calculated usingadjusted net earnings divided
by diluted shares outstanding. |
|
NM
represents that the percentage change is not meaningful |
|
|
|
|
|
|
|
|
|
|
|
Sysco Corporation and its Consolidated
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
(Unaudited) |
|
|
Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow represents net cash provided from operating
activities less purchases of plant and equipment and includes
proceedsfrom sales of plant and equipment. Sysco considers
free cash flow to be a liquidity measure that provides useful
information tomanagement and investors about the amount of cash
generated by the business after the purchases and sales of
buildings, fleet,equipment and technology, which may potentially be
used to pay for, among other things, strategic uses of cash
including dividendpayments, share repurchases and
acquisitions. However, free cash flow may not be available
for discretionary expenditures, as it maybe necessary that we use
it to make mandatory debt service or other payments. Free
cash flow should not be used as a substitute forthe most comparable
GAAP measure in assessing the company’s liquidity for the periods
presented. An analysis of any non-GAAPfinancial measure
should be used in conjunction with results presented in accordance
with GAAP. In the table that follows, free cashflow for each
period presented is reconciled to net cash provided by operating
activities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53-Week Period Ended
July 2, 2016 |
|
52-Week Period Ended
June 27, 2015 |
|
53-Week Period Change
in Dollars |
|
53-Week Period
% Change |
|
Net cash
provided by operating activities (GAAP) |
$ |
|
1,933,142 |
|
|
$ |
|
1,555,484 |
|
|
$ |
|
377,658 |
|
|
24.3 |
% |
|
Additions to plant and
equipment |
|
|
(527,346 |
) |
|
|
|
(542,830 |
) |
|
|
|
15,484 |
|
|
2.9 |
|
|
Proceeds from sales of
plant and equipment |
|
|
23,511 |
|
|
|
|
24,472 |
|
|
|
|
(961 |
) |
|
-3.9 |
|
|
Free Cash Flow
(Non-GAAP) |
$ |
|
1,429,307 |
|
|
$ |
|
1,037,126 |
|
|
$ |
|
392,181 |
|
|
37.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sysco
Corporation and its Consolidated Subsidiaries |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
(Unaudited) |
|
|
|
|
|
|
Real Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real growth represents our sales growth after removing the
impact of food cost inflation / deflation, sales from acquisitions
that occurred within the last 12 months and the impactof foreign
exchange rate translation. Sysco’s fiscal year ends on the
Saturday nearest to June 30th. This resulted in a 53-week year
ending July 2, 2016 for fiscal 2016 and 52-week year ending June
27, 2015 for fiscal 2015. Because the fourth quarter of fiscal 2016
contained an additional week as compared to fiscal 2015, our real
growth calculations forfiscal 2016 are not directly comparable to
the prior year. Management believes that adjusting the real
growth calculation for the estimated impact of the additional week
providesmore comparable financial results on a year-over-year
basis. As a result, the real growth calculation for fiscal
2016 presented in the table below is adjusted by one-fourteenth
ofthe total sales growth for the fourth quarter. Failure to make
these adjustments causes the year-over-year changes in real growth
to be overstated. Sysco considers real growthto be a
performance measure that provides useful information to management
and investors about the amount of sales growth organically
generated. Real growth is a commonlyused metric within the
food-away-from-home industry. The company uses these non-GAAP
measures when evaluating its financial results, as well as for
internal planning andforecasting purposes. These financial
measures should not be used as a substitute for GAAP measures in
assessing the company’s sales growth for the periods
presented. Ananalysis of any non-GAAP financial measure
should be used in conjunction with results presented in accordance
with GAAP. As a result, in the tables that follow, each
periodpresented is adjusted to remove the components of real growth
noted above. Business segment sales and case growth are also
impacted by the extra week in fiscal 2016. Theseamounts are
similarly adjusted to remove the extra week for comparability
purposes for the same underlying reasons the extra week is excluded
for real growth. The tables thatfollow provide a
reconciliation of business segment sales and case growth to remove
the extra week. |
|
|
|
|
|
Adjusted comparable |
|
|
|
14-Week Period Ended
July 2, 2016 |
13-Week Period Ended
Jun. 27, 2015 |
14-Week Period Change
in bps |
14-Week Period
% Change |
|
13-Week Period Ended
July 2, 2016 |
13-Week Period Change
in bps |
13-Week Period
% Change |
|
|
Sales Growth
(GAAP) |
|
10.0 |
% |
|
0.9 |
% |
|
911 |
|
|
973.9 |
% |
|
|
2.2 |
% |
|
125 |
|
|
133.7 |
% |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
Food cost
inflation (deflation) |
|
-1.2 |
% |
|
0.1 |
% |
|
(131 |
) |
|
-1092.3 |
% |
|
|
-1.2 |
% |
|
(131 |
) |
|
-1092.3 |
% |
|
|
Acquisitions |
|
1.2 |
% |
|
0.4 |
% |
|
78 |
|
|
203.1 |
% |
|
|
1.1 |
% |
|
70 |
|
|
181.4 |
% |
|
|
Impact of
foreign exchange rate translation |
|
-0.5 |
% |
|
-1.4 |
% |
|
93 |
|
|
-66.3 |
% |
|
|
-0.5 |
% |
|
93 |
|
|
-66.3 |
% |
|
|
Real Growth
(Non-GAAP) (1) |
|
10.5 |
% |
|
1.8 |
% |
|
871 |
|
|
477.0 |
% |
|
|
2.8 |
% |
|
94 |
|
|
51.3 |
% |
|
|
Less 1 week
fourth quarter sales |
|
-7.7 |
% |
|
|
|
|
|
|
|
|
|
Real Growth
13-weeks (Non-GAAP) (1) |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted comparable |
|
|
|
53-Week Period Ended
July 2, 2016 |
52-Week Period Ended
Jun. 27, 2015 |
53-Week Period Change
in bps |
53-Week Period
% Change |
|
52-Week Period Ended
July 2, 2016 |
52-Week Period Change
in bps |
52-Week Period
% Change |
|
|
Sales Growth
(GAAP) |
|
3.5 |
% |
|
4.7 |
% |
|
(119 |
) |
|
-25.5 |
% |
|
|
1.5 |
% |
|
(319 |
) |
|
-68.6 |
% |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
Food cost
inflation (deflation) |
|
-0.7 |
% |
|
3.7 |
% |
|
(442 |
) |
|
-120.4 |
% |
|
|
-0.7 |
% |
|
(442 |
) |
|
-120.4 |
% |
|
|
Acquisitions |
|
0.7 |
% |
|
0.6 |
% |
|
13 |
|
|
22.1 |
% |
|
|
0.7 |
% |
|
11 |
|
|
18.4 |
% |
|
|
Impact of
foreign exchange rate translation |
|
-1.3 |
% |
|
-1.0 |
% |
|
(24 |
) |
|
23.4 |
% |
|
|
-1.3 |
% |
|
(24 |
) |
|
23.4 |
% |
|
|
Real Growth
(GAAP) (1) |
|
4.8 |
% |
|
1.4 |
% |
|
335 |
|
|
231.9 |
% |
|
|
2.8 |
% |
|
136 |
|
|
94.6 |
% |
|
|
Less 1 week
fourth quarter sales |
|
-2.0 |
% |
|
|
|
|
|
|
|
|
|
Real Growth
52-weeks (Non-GAAP) (1) |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Individual components of real growth may not add to the
total presented due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14-Week Period Ended
July 2, 2016 |
13-Week Period Ended
Jun. 27, 2015 |
14-Week Period
% Change |
Impact of14th week onsales |
|
13-Week Period Ended
July 2, 2016 |
13-Week Period
% Change |
|
|
|
|
($ in Thousands) |
|
|
|
Business Highlights |
|
|
|
|
|
|
|
|
|
|
Total Sales: |
|
13,647,891 |
|
|
12,401,938 |
|
|
10.0 |
% |
|
974,849 |
|
|
|
12,673,041 |
|
|
2.2 |
% |
|
|
|
Broadline |
|
10,792,174 |
|
|
9,869,730 |
|
|
9.3 |
% |
|
770,870 |
|
|
|
10,021,305 |
|
|
1.5 |
% |
|
|
|
SYGMA |
|
1,652,221 |
|
|
1,468,388 |
|
|
12.5 |
% |
|
118,016 |
|
|
|
1,534,206 |
|
|
4.5 |
% |
|
|
|
Other |
|
1,632,204 |
|
|
1,418,335 |
|
|
15.1 |
% |
|
116,586 |
|
|
|
1,515,618 |
|
|
6.9 |
% |
|
|
|
Intersegment |
|
(428,709 |
) |
|
(354,515 |
) |
|
20.9 |
% |
|
(30,622 |
) |
|
|
(398,087 |
) |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
53-Week Period Ended
July 2, 2016 |
52-Week Period Ended
Jun. 27, 2015 |
53-Week Period
% Change |
Impact of14th week onsales |
|
52-Week Period Ended
July 2, 2016 |
52-Week Period
% Change |
|
|
|
Business Highlights |
|
|
|
|
|
|
|
|
|
|
Total Sales: |
|
50,366,919 |
|
|
48,680,752 |
|
|
3.5 |
% |
|
974,849 |
|
|
|
49,392,069 |
|
|
1.5 |
% |
|
|
|
Broadline |
|
39,892,892 |
|
|
38,652,212 |
|
|
3.2 |
% |
|
770,870 |
|
|
|
39,122,023 |
|
|
1.2 |
% |
|
|
|
SYGMA |
|
6,102,328 |
|
|
6,076,215 |
|
|
0.4 |
% |
|
118,016 |
|
|
|
5,984,312 |
|
|
-1.5 |
% |
|
|
|
Other |
|
5,839,024 |
|
|
5,270,518 |
|
|
10.8 |
% |
|
116,586 |
|
|
|
5,722,438 |
|
|
8.6 |
% |
|
|
|
Intersegment |
|
(1,467,325 |
) |
|
(1,318,193 |
) |
|
11.3 |
% |
|
(30,622 |
) |
|
|
(1,436,703 |
) |
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 2, 2016 (14
Weeks) |
Impact of14th
week |
July 2, 2016 (13
Weeks) |
July 2, 2016 (53
Weeks) |
|
Impact of14th
week |
July 2, 2016 (52
Weeks) |
|
|
|
Case Growth: |
|
|
|
|
|
|
|
|
|
|
Total Broadline |
|
10.1 |
% |
|
7.9 |
% |
|
2.2 |
% |
|
5.0 |
% |
|
|
2.0 |
% |
|
3.0 |
% |
|
|
|
Local |
|
10.2 |
% |
|
7.8 |
% |
|
2.4 |
% |
|
4.7 |
% |
|
|
2.0 |
% |
|
2.7 |
% |
|
|
|
U.S. Broadline |
|
10.2 |
% |
|
7.8 |
% |
|
2.4 |
% |
|
5.3 |
% |
|
|
2.0 |
% |
|
3.3 |
% |
|
|
|
Local |
|
10.3 |
% |
|
7.9 |
% |
|
2.4 |
% |
|
4.7 |
% |
|
|
2.0 |
% |
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information contact:
Neil Russell
Investor and Media Contact
T 281-584-1308
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