Sysco Corporation announced financial results for its 13-week third fiscal quarter ended March 28, 2015. Sales increased 4.2% to $11.7 billion. Gross profit increased 3.1% to $2.1 billion, though gross margin decreased 17 basis points to 17.52%. Adjusted operating income decreased 2.7% to $377 million, and operating income decreased 1.6% to $327 million.
"Sales growth, while solid for the quarter at 4 percent, did moderate from our trends in the first half of the fiscal year primarily due to lower levels of inflation and a greater unfavorable impact from foreign exchange translation. Adjusted earnings per share increased 5 percent and was in line with our expectations, as we continued to focus on providing great service to our customers, managed our gross profit growth reasonably well, and benefitted from a favorable tax rate," said Bill DeLaney, Sysco's president and chief executive officer. "Our expense management performance trends improved modestly from earlier in the year and remain an area of intense management focus as we move forward in the fourth quarter and begin our planning process for fiscal 2016."