SYY Sysco Corp

   By Kimberly Chin 
 

Sysco Corp. (SYY) posted weaker-than-expected profit and sales in the first quarter of 2019 due to higher expenses in the warehouse and transportation areas of its supply chain.

The food-services business said its profit rose 17% to $431 million, or 81 cents a share compared with the same period last year. Analysts polled by Refinitiv had expected earnings of 91 cents a share.

On an adjusted basis, Syco earned 91 cents a share, just below consensus forecasts of 92 cents.

Revenue rose 4% to $15.22 billion from a year ago, primarily due to an increase in sales from its international food-service operations. This was below analysts' expectations of $15.39 billion in sales. Sales in its domestic food-service operations rose 5.6% compared with last year, while its international sales increased 0.6%.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

November 05, 2018 08:32 ET (13:32 GMT)

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