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QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended
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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 30 th, which resulted in a 14-week quarter and 53-week year ending July 2, 2016 for fiscal 2016.

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