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QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended
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Jun. 30, 2018
Quarterly Financial Data [Abstract] |
Quarterly results (unaudited) table | Financial information for each quarter in the years ended June 30, 2018 and July 1, 2017 is set forth below:
| Fiscal 2018 Quarter Ended |  |
| September 30 |  | December 30 |  | March 31 (1) |  | June 3 0 |  | Fiscal Year
| (In thousands except for per share data)
Sales | $ | 14,650,424 |  |  | $ | 14,411,490 |  |  | $ | 14,349,504 |  |  | $ | 15,315,906 |  |  | $ | 58,727,324 |
Cost of sales | 11,856,756 |  |  | 11,712,104 |  |  | 11,673,876 |  |  | 12,399,197 |  |  | 47,641,933 |
Gross profit | 2,793,668 |  |  | 2,699,386 |  |  | 2,675,628 |  |  | 2,916,709 |  |  | 11,085,391 |
Operating expenses | 2,170,576 |  |  | 2,167,104 |  |  | 2,189,695 |  |  | 2,229,042 |  |  | 8,756,417 |
Operating income | 623,092 |  |  | 532,282 |  |  | 485,933 |  |  | 687,667 |  |  | 2,328,974 |
Interest expense | 80,884 |  |  | 85,986 |  |  | 136,145 |  |  | 92,468 |  |  | 395,483 |
Other expense (income), net | (4,248 | ) |  | (5,432 | ) |  | (15,096 | ) |  | 2,043 |  |  | (22,733 | )
Earnings before income taxes | 546,456 |  |  | 451,728 |  |  | 364,884 |  |  | 593,156 |  |  | 1,956,224 |
Income taxes | 178,816 |  |  | 167,615 |  |  | 34,799 |  |  | 144,228 |  |  | 525,458 |
Net earnings | $ | 367,640 |  |  | $ | 284,113 |  |  | $ | 330,085 |  |  | $ | 448,928 |  |  | $ | 1,430,766 |
Per share: |  |  |  |  |  |  |  |  |
Basic net earnings | $ | 0.70 |  |  | $ | 0.55 |  |  | $ | 0.63 |  |  | $ | 0.86 |  |  | $ | 2.74 |
Diluted net earnings | 0.69 |  |  | 0.54 |  |  | 0.63 |  |  | 0.85 |  |  | 2.70 |
Dividends declared | 0.33 |  |  | 0.36 |  |  | 0.36 |  |  | 0.36 |  |  | 1.41 |
(1) | Sysco’s third quarter of fiscal 2018 included a charge for $53.1 million in interest expense related to the redemption of senior notes as well as tax benefits derived from our $380.0 million contribution to our U.S. Retirement Plan. See Note 11, “Debt and Other Financing Arrangements” and Note 18, “Income Taxes.”
| 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 |

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