- Sysco (NYSE:SYY) reports U.S. case volume was up 0.5% in FQ1, of which 0.4% was organic. Food cost inflation was 2.9% in U.S. during the quarter.
- The company's gross margin rate of 19.2% of sales was up 15 bps from a year ago and matched consensus expectations. Operating margin improved 30 bps to 4.85% of sales.
- "We saw improved financial results in the first quarter with adjusted operating income growth that was in line with our expectations, as we remain focused on accelerating local case growth and maintaining our strong track record of expense management," notes Sysco CEO Tom Bené.
- Shares of Sysco are down 0.64% premarket to $80.77.
- Previously: Sysco EPS beats by $0.01, misses on revenue (Nov. 4)