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HOUSTON - Sysco Corp. said Monday that its profit rose in the fiscal first quarter, helped by reduced expenses as the food supplier's sales declined partly on lower consumer spending.
Sysco earned $326.2 million, or 55 cents per share, for the three months ended Sept. 26. That's up 18 percent from $276.8 million, or 46 cents per share, during the same period a year earlier.
Sysco said an IRS tax settlement benefited profit by 5 cents per share, while a change in the value of corporate-owned life insurance added 4 cents per share.
Operating expenses fell to $1.25 billion from $1.38 billion, in part on job cuts and reduced incentive compensation.
Sales dropped 8 percent to $9.08 billion from $9.88 billion on food cost deflation and lower spending by most of its customers. Sysco said food cost deflation was 3.4 percent for the quarter.
Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, expected earnings of 45 cents per share on sales of $9.16 billion.
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