US foodservice distribution company Sysco Corp has reported a 14% rise in first-quarter earnings, as technology-based reductions in operating costs helped offset rising food costs.
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Sysco posted net income of US$208.8m, or 32 cents a share, for the first quarter to 27 September, compared to $182.6m, or 28 cents a share, a year earlier. The result beat analysts’ estimates by one cent, reported Dow Jones Business News.
Sales increased 11% to $7.13bn for the quarter, with acquisitions contributing around 1.9% of growth.
Sysco said that its technology systems had helped reduce warehouse costs, selection errors, inventory shrinkage and out-of-stocks.
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By GlobalData
