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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Jul. 02, 2022
Quarterly Financial Data [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) Financial information for each quarter in the fiscal year ended July 2, 2022 is set forth below.
| Fiscal 2022 Quarter Ended |  |
| October 2 |  | January 1 (1) |  | April 2 |  | July 2 |  | Fiscal Year
| (In thousands except for per share data)
Sales | $ | 16,456,546 |  |  | $ | 16,320,203 |  |  | $ | 16,902,139 |  |  | $ | 18,957,258 |  |  | $ | 68,636,146 |
Cost of sales | 13,484,838 |  |  | 13,429,053 |  |  | 13,888,745 |  |  | 15,512,986 |  |  | 56,315,622 |
Gross profit | 2,971,708 |  |  | 2,891,150 |  |  | 3,013,394 |  |  | 3,444,272 |  |  | 12,320,524 |
Operating expenses | 2,340,026 |  |  | 2,446,241 |  |  | 2,517,665 |  |  | 2,677,557 |  |  | 9,981,489 |
Operating income | 631,682 |  |  | 444,909 |  |  | 495,729 |  |  | 766,715 |  |  | 2,339,035 |
Interest expense | 128,214 |  |  | 242,899 |  |  | 124,018 |  |  | 128,512 |  |  | 623,643 |
Other income, net | (3,252) |  |  | (10,676) |  |  | (13,777) |  |  | (3,676) |  |  | (31,381) |
Earnings before income taxes | 506,720 |  |  | 212,686 |  |  | 385,488 |  |  | 641,879 |  |  | 1,746,773 |
Income tax expense | 128,707 |  |  | 45,245 |  |  | 82,163 |  |  | 131,890 |  |  | 388,005 |
Net earnings | $ | 378,013 |  |  | $ | 167,441 |  |  | $ | 303,325 |  |  | $ | 509,989 |  |  | $ | 1,358,768 |
Per share: |  |  |  |  |  |  |  |  |
Basic net earnings (2) | $ | 0.74 |  |  | $ | 0.33 |  |  | $ | 0.60 |  |  | $ | 1.00 |  |  | $ | 2.66 |
Diluted net earnings (2) | 0.73 |  |  | 0.33 |  |  | 0.59 |  |  | 0.99 |  |  | 2.64 |
Dividends declared | 0.47 |  |  | 0.47 |  |  | 0.47 |  |  | 0.49 |  |  | 1.90 |
(1) | Sysco’s second quarter of fiscal 2022 included a charge for $115.6 million in interest expense related to the redemption of senior notes. See footnote 12 “Debt and Other Financial Arrangements.”
(2) | Quarterly basic and diluted earnings per share amounts may not add up to the full fiscal year total presented due to rounding. Basic and diluted earnings per share are calculated by dividing net earnings by basic and diluted shares outstanding, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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