Sysco Q2 Earnings Call Highlights

Gross profit totaled $3.8 billion, up 3.9%, while gross margin increased to 18.3%. Adjusted operating expenses were $3 billion, or 14.4% of sales, a 15-basis-point increase from the prior year. Cheung said the increase reflected planned investments (fleet, building expansion, and sales headcount) and the lapping of $16 million in incentive compensation from the year-ago quarter, which he said negatively impacted adjusted operating expenses by about 60 basis points and adjusted EPS growth by about 270 basis ...