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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Jun. 30, 2018
Quarterly Financial Data [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) Sysco’s fiscal year includes four quarterly periods that are comprised of thirteen weeks each. 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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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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