UPDATE: Sysco Q4 Net Profit Drops 8.5%

Sysco

reported an 8.5% drop in its fourth-quarter profit. Sysco's quarterly profit declined to $283 million, or $0.47 per share, from $309 million, or $0.55 per share, in the year-ago period. Its adjusted earnings came in at $0.50 per share. Its net sales increased 5% to $11.6 billion from $11 billion. However, analysts were estimating earnings of $0.54 per share on sales of $11.59 billion. Sysco shares closed at $35.01 on Friday.