Sysco Q1 Sales Miss Estimates on Disease Outbreak
Food distributor Sysco reported lower than expected first quarter sales as a cyclosporiasis outbreak and rising costs weighed on restaurant demand. The company shares dropped nearly 8 percent following the earnings release.
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SYSCO CORP reported first-quarter net sales grew 2.8% to $21.74 billion, missing analyst estimates of $22.02 billion. The shortfall followed a cyclosporiasis outbreak that depressed restaurant demand and order volumes in August. The sales miss sent shares down nearly 8% in Tuesday trading.
