Dive Brief:
- Sysco Corp., the largest food distributor in the nation, said its net income fell to $278.81 million in its fiscal first quarter from the $285.59 million reported a year earlier.
- Sales in the quarter rose 6.2% to $12.45 billion, better than what Wall Street had expected.
- The foodservice giant also announced it doesn't expect to complete its acquisition of rival US Foods until the first quarter of 2015, roughly half a year behind schedule.
Dive Insight:
The earnings report comes as Sysco looks to unload some units in an effort to convince regulators to approve its controversial merger with US Foods, the nation's second-largest food distributor.
In the meantime, potential buyers of any such units aren't waiting around. Rival Gordon Food Service, for example, announced recently that it's adding capacity in the Southeast.