Sysco Corporation (NYSE: SYY) reported higher earnings and revenues for the first quarter of 2023 as the company continued to expand its market share and maintained strong volume growth.
Net earnings of the food distribution company, adjusted for non-recurring items, rose sharply to $0.97 per share in the September quarter from $0.83 per share in the prior-year period. Unadjusted net income climbed to $465.6 million or $0.91 per share from $378.0 million or $0.73 per share last year.
The bottom line benefited from a 16% growth in net sales to $19.1 billion. The strong top performance reflects stable consumer demand and customer away-from-home demand.
“Sysco began the fiscal year generating double-digit top-line and bottom-line growth, as we effectively managed inflation, increased case volume, and grew market share. We remain on target to grow over 1.35 times the market for the year, as we continue to advance our Recipe For Growth strategy. Our enhanced customer-centric supply chain and selling capabilities will drive long-term returns for our investors,” said Sysco’s CEO Kevin Hourican.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Shares of Dollar Tree Inc. (NASDAQ: DLTR) were down over 1% on Wednesday, a day after the company reported earnings results for the third quarter of 2022. Revenue and earnings
Target Corporation (TGT): A look at how the retail giant is shaping up against an inflationary backdrop
Shares of Target Corporation (NYSE: TGT) were up over 1% on Wednesday. The stock has dropped 30% year-to-date and 35% over the past 12 months. Last week the company reported
Zoom Video Communications (NASDAQ: ZM) expanded its customer base at an accelerated pace during the COVID crisis and soon became the preferred video conferencing platform for businesses and millions of