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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Jul. 01, 2023
Quarterly Financial Data [Abstract] |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) Financial information for each quarter in the fiscal year ended July 1, 2023 is set forth below.
| Fiscal 2023 Quarter Ended |  |
| October 1 |  | December 31 (1) |  | April 1 |  | July 1 (2) |  | Fiscal Year
| (In thousands except for per share data)
Sales | $ | 19,126,830 |  |  | $ | 18,593,953 |  |  | $ | 18,875,676 |  |  | $ | 19,728,216 |  |  | $ | 76,324,675 |
Cost of sales | 15,637,975 |  |  | 15,244,337 |  |  | 15,444,316 |  |  | 16,043,050 |  |  | 62,369,678 |
Gross profit | 3,488,855 |  |  | 3,349,616 |  |  | 3,431,360 |  |  | 3,685,166 |  |  | 13,954,997 |
Operating expenses | 2,754,522 |  |  | 2,708,974 |  |  | 2,737,183 |  |  | 2,715,769 |  |  | 10,916,448 |
Operating income | 734,333 |  |  | 640,642 |  |  | 694,177 |  |  | 969,397 |  |  | 3,038,549 |
Interest expense | 124,150 |  |  | 132,042 |  |  | 134,931 |  |  | 135,629 |  |  | 526,752 |
Other expense (income), net | 15,281 |  |  | 330,124 |  |  | 5,209 |  |  | (124,172) |  |  | 226,442 |
Earnings before income taxes | 594,902 |  |  | 178,476 |  |  | 554,037 |  |  | 957,940 |  |  | 2,285,355 |
Income tax expense | 129,334 |  |  | 37,260 |  |  | 124,433 |  |  | 224,204 |  |  | 515,231 |
Net earnings | $ | 465,568 |  |  | $ | 141,216 |  |  | $ | 429,604 |  |  | $ | 733,736 |  |  | $ | 1,770,124 |
Per share: |  |  |  |  |  |  |  |  |
Basic net earnings (3) | $ | 0.92 |  |  | $ | 0.28 |  |  | $ | 0.85 |  |  | $ | 1.45 |  |  | $ | 3.49 |
Diluted net earnings (3) | 0.91 |  |  | 0.28 |  |  | 0.84 |  |  | 1.44 |  |  | 3.47 |
Dividends declared | 0.49 |  |  | 0.49 |  |  | 0.49 |  |  | 0.50 |  |  | 1.97 |
(1) | Sysco’s second quarter of fiscal 2023 included a charge for $315.4 million in other expense related to pension settlement charges. See Note 14, “Company-Sponsored Employee Benefit Plans.”
(2) | Sysco’s fourth quarter of fiscal 2023 included $122.0 million in other income related to a legacy litigation financing agreement. See Note 20, “Commitments and Contingencies.”
(3) | 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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