USA: Sysco posts rise in Q3 profit despite difficult operating environment
Houston-based foodservice distributor Sysco Corp has posted an 11.2% increase in quarterly profit, helped by operational efficiencies and cost cuts.
The company said profit for the quarter to 29 March was US$168.4m, or 26 cents a share, compared to $151.4m, or 23 cents a share, in the year-ago period.
Analysts had been expecting, on average, earnings of 27 cents a share, reported Reuters.
Sales in the company's fiscal third quarter were up 13.8% year-on-year to $6.4bn.
Sysco, which has 147 distribution locations providing food to restaurants, hospitals, hotels and other institutions, said adverse weather conditions coupled with the start of the war in Iraq had made the operating environment very challenging.
"The third quarter was also unique due to the industry attention devoted to allegations concerning one of our competitors and the resulting distractions that it brought to the marketplace," chairman and chief executive Richard Schnieders was quoted by Reuters as saying.
Back in February, Dutch retailer Royal Ahold revealed that accounting irregularities had led to earnings at its US Foodservice unit being overstated by more than $500m.
Dutch retailer Ahold has announced the completion of the sale of its chain of 198 Wilson Farms and Sugarcreek convenience stores, part of its US subsidiary Tops Markets....
Dutch retailer Ahold has announced that Kerry Underhill has been appointed senior vice president corporate communications, effective 1 July 2005....
Dutch retailer Ahold has reported sales and operating income little changed in the first quarter of 2005, but net income was sharply down because of a one time gain in the first quarter last year....
Dutch retailer Ahold has announced today (Tuesday) that its chief financial officer Hannu Ryöppönen is to leave the company....
Danish based dairy company Arla Foods is opening a new representative office in Hungary....
Dutch retailer Ahold today (Wednesday) announced that it had signed a new €2bn (US$2.5bn) credit facility with a syndicate of fifteen banks. ...
Dutch retail giant Ahold has said its net sales declined 1.0% to €13.0bn (US$16.5bn) for the first quarter of 2005....
Supermarket company Giant Food, a subsidiary of Dutch retailer Royal Ahold's US arm Ahold USA, has announced restructuring plans for the remainder of 2005 and 2006....
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