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SYSCO Posts 25th Year of Consecutive Sales and Earnings Growth

SYSCO Corporation, the largest foodservice marketing and distribution organization in North America, today announced diluted earnings per share of $0.88 on sales of $21.8 billion for the fiscal year ended June 30, 2001, marking the 25th year of uninterrupted sales and earnings increases. Diluted earnings per share increased 30.0 percent compared to last year's diluted earnings per share of $0.68 prior to an accounting change while sales increased 12.8 percent over the prior fiscal year's $19.3 billion.

Diluted earnings per share for the fourth quarter of fiscal 2001 increased 23.8 percent, or $0.26 vs. $0.21 for the same period last year, and sales of $5.8 billion were 9.8 percent greater than the $5.3 billion achieved in last year's fourth quarter.

Internal sales growth for the quarter was 6.5 percent, composed of real growth of 3.0 percent and food cost inflation of 3.5 percent. Acquisitions contributed 3.3 percent to total sales growth in the final quarter. Internal growth for the fiscal year reached 8.3 percent, which included 5.8 percent real growth and 2.5 percent resulting from food cost inflation, while acquisitions added 4.5 percent.

Charles H. Cotros, SYSCO's chairman and CEO, said, "SYSCO's strong performance can be attributed to a number of factors, including continued strength in sales to marketing associate-served customers, a higher percentage of SYSCO Brand product sales, earnings contributions from acquisitions and productivity and efficiency measures."
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