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QUARTERLY RESULTS (UNAUDITED) (Tables)
 12 Months Ended
Jul. 01, 2017
Quarterly Financial Data [Abstract]  
Quarterly results (unaudited) table
Financial information for each quarter in the years ended July 1, 2017 and July 2, 2016 is set forth below:
 
Fiscal 2017 Quarter Ended
 
 
 
October 1
 
December 31
 
April 1
 
July 1
 
Fiscal Year
 
(In thousands except for per share data)
Sales
$
13,968,654

 
$
13,457,268

 
$
13,524,172

 
$
14,421,045

 
$
55,371,139

Cost of sales
11,276,735

 
10,885,405

 
10,990,037

 
11,661,455

 
44,813,632

Gross profit
2,691,919

 
2,571,863

 
2,534,135

 
2,759,590

 
10,557,507

Operating expenses
2,125,086

 
2,079,446

 
2,098,173

 
2,201,631

 
8,504,336

Operating income
566,833

 
492,417

 
435,962

 
557,959

 
2,053,171

Interest expense
73,623

 
72,231

 
81,004

 
76,020

 
302,878

Other expense (income), net
(7,216
)
 
(2,320
)
 
(4,815
)
 
(1,586
)
 
(15,937
)
Earnings before income taxes
500,426

 
422,506

 
359,773

 
483,525

 
1,766,230

Income taxes
176,539

 
147,339

 
121,495

 
178,354

 
623,727

Net earnings
$
323,887

 
$
275,167

 
$
238,278

 
$
305,171

 
$
1,142,503

Per share:
 
 
 
 
 
 
 
 
 
Basic net earnings
$
0.58

 
$
0.50

 
$
0.44

 
$
0.57

 
$
2.10

Diluted net earnings
0.58

 
0.50

 
0.44

 
0.57

 
2.08

Dividends declared
0.31

 
0.33

 
0.33

 
0.33

 
1.30

 
Fiscal 2016 Quarter Ended
 
 
 
September 26 (1)
 
December 26
 
March 26
 
July 2 (2), (3)
 
Fiscal Year (3)
 
(In thousands except for per share data)
Sales
$
12,562,611

 
$
12,153,626

 
$
12,002,791

 
$
13,647,891

 
$
50,366,919

Cost of sales
10,324,616

 
9,996,812

 
9,859,966

 
11,145,053

 
41,326,447

Gross profit
2,237,995

 
2,156,814

 
2,142,825

 
2,502,838

 
9,040,472

Operating expenses
1,744,521

 
1,724,231

 
1,765,207

 
1,956,013

 
7,189,972

Operating income
493,474

 
432,583

 
377,618

 
546,825

 
1,850,500

Interest expense
126,907

 
47,235

 
57,699

 
74,305

 
306,146

Other expense (income), net
(15,240
)
 
(7,764
)
 
(6,952
)
 
141,303

 
111,347

Earnings before income taxes
381,807

 
393,112

 
326,871

 
331,217

 
1,433,007

Income taxes
137,387

 
120,713

 
109,735

 
115,550

 
483,385

Net earnings
$
244,420

 
$
272,399

 
$
217,136

 
$
215,667

 
$
949,622

Per share:
 

 
 

 
 

 
 

 
 

Basic net earnings
$
0.41

 
$
0.48

 
$
0.38

 
$
0.38

 
$
1.66

Diluted net earnings
0.41

 
0.48

 
0.38

 
0.38

 
1.64

Dividends declared
0.30

 
0.31

 
0.31

 
0.31

 
1.23

Percentage change — 2017 vs. 2016:
 
Quarter 1
 
Quarter 2
 
Quarter 3
 
Quarter 4
 
Fiscal Year
Sales
11
%
 
11
%
 
13
%
 
6
%
 
10
%
Operating income
15

 
14

 
15

 
2

 
11

Net earnings
33

 
1

 
10

 
42

 
20

Basic net earnings per share
41

 
4

 
16

 
50

 
27

Diluted net earnings per share
41

 
4

 
16

 
50

 
27



(1) 
Sysco’s first quarter of fiscal 2016 included a charge for $94.8 million in interest expense related to the redemption of senior notes. See Note 11 "Debt and Other Financing Arrangements."
(2) 
Sysco’s fourth quarter of fiscal 2016 includes a remeasurement loss of $101.2 million in other expense (income), net due to the remeasurement of foreign cash held by Sysco for the Brakes Acquisition.
(3) 
Sysco’s fiscal year ends on the Saturday nearest to June 30th, which resulted in a 14-week quarter and 53-week year ending July 2, 2016 for fiscal 2016.