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EX - 99.1 2 d104255dex991.htm EX - 99.1 News Release For more information contact : ● Shannon Mutschler Media Contact mutschler.shannon@corp.sysco.com 1 T 281-584-4059 Second Quarter Fiscal 2021 Highlights Rachel Lee Investor Contact lee.rachel@corp.sysco.com T 281-436-7815 SYSCO REPORTS SECOND QUARTER FISCAL 2021 RESULTS First Half Fiscal 2021 Highlights Sysco At the heart of food and service SYSCO ADVANCES TRANSFORMATION WHILE GAINING MARKET SHARE IN A DISRUPTED MARKETPLACE HOUSTON , February 2 , 2021 - Sysco Corporation ( NYSE : SYY ) today announced financial results for its 13 - week second fiscal quarter ended December 26 , 2020 . Sysco Corporation 1390 Enclave Parkway Houston , TX 77077 sysco.com Sales decreased 23.1 % to $ 11.6 billion Gross profit decreased 25.8 % to $ 2.1 billion ; gross margin decreased 67 basis points Operating income decreased 61.6 % to $ 212.1 million ; adjusted¹ operating income decreased 62.7 % to $ 234.1 million Earnings per share ( “ EPS " ) decreased $ 0.61 to $ 0.13 ; adjusted ' EPS decreased $ 0.68 to $ 0.17 1 Exhibit 99.1 Sales decreased 23.1 % to $ 23.3 billion Gross profit decreased 25.2 % to $ 4.3 billion ; gross margin decreased 53 basis points Operating income decreased 48.3 % to $ 631.6 million ; adjusted ' operating income decreased 56.3 % to $ 598.7 million EPS decreased $ 1.06 to $ 0.56 ; adjusted¹ EPS decreased $ 1.32 to $ 0.51 " We are making bold progress against our transformation agenda , while managing our business in a complex climate , and enabling accelerated growth by improving how we serve our customers and differentiate ourselves from competitors . Additionally , with a COVID business recovery in sight , we are preparing for the upcoming increase in demand , and Sysco will be best positioned for a strong rebound due to our industry - leading financial strength and ability to invest in inventory , staffing and service levels , " said Kevin Hourican , Sysco's president and chief executive officer . " I am immensely proud of the Sysco team for all of the work they are doing to support our customers during this crisis . Our recent Restaurants Rising program is a prime example of the difference we make in the success of those that we serve . " Earnings Per Share ( EPS ) are shown on a diluted basis unless otherwise specified . Adjusted financial results exclude certain items , which primarily include adjustments to our bad debt reserve specific to aged receivables existing prior to the COVID - 19 pandemic , restructuring costs , transformational project costs and acquisition - related costs . Specific to EPS , this year's first half Certain Items include the impact of a loss on the sale of Cake Corporation and the impact of a new U.K. tax law change . Reconciliations of all non - GAAP measures are included at the end of this release .