QUARTERLY RESULTS (UNAUDITED) (Tables)

12 Months Ended

Jul. 01, 2023

Quarterly Financial Data [Abstract]

Schedule of Quarterly Results

Financial information for each quarter in the fiscal year ended July 1, 2023 is set forth below.

	Fiscal 2023 Quarter Ended
	October 1		December 31 (1)		April 1		July 1 (2)		Fiscal Year
	(In thousands except for per share data)
Sales	$	19,126,830	$	18,593,953	$	18,875,676	$	19,728,216	$	76,324,675
Cost of sales	15,637,975		15,244,337		15,444,316		16,043,050		62,369,678
Gross profit	3,488,855		3,349,616		3,431,360		3,685,166		13,954,997
Operating expenses	2,754,522		2,708,974		2,737,183		2,715,769		10,916,448
Operating income	734,333		640,642		694,177		969,397		3,038,549
Interest expense	124,150		132,042		134,931		135,629		526,752
Other expense (income), net	15,281		330,124		5,209		(124,172)		226,442
Earnings before income taxes	594,902		178,476		554,037		957,940		2,285,355
Income tax expense	129,334		37,260		124,433		224,204		515,231
Net earnings	$	465,568	$	141,216	$	429,604	$	733,736	$	1,770,124
Per share:
Basic net earnings (3)	$	0.92	$	0.28	$	0.85	$	1.45	$	3.49
Diluted net earnings (3)	0.91		0.28		0.84		1.44		3.47
Dividends declared	0.49		0.49		0.49		0.50		1.97

(1)	Sysco’s second quarter of fiscal 2023 included a charge for $315.4 million in other expense related to pension settlement charges. See Note 14, “Company-Sponsored Employee Benefit Plans.”
(2)	Sysco’s fourth quarter of fiscal 2023 included $122.0 million in other income related to a legacy litigation financing agreement. See Note 20, “Commitments and Contingencies.”
(3)	Quarterly basic and diluted earnings per share amounts may not add up to the full fiscal year total presented due to rounding. Basic and diluted earnings per share are calculated by dividing net earnings by basic and diluted shares outstanding, respectively.