Sysco Stock Falls After Sales Miss: Restaurant Demand Weakness Tests $29 Billion Deal
Sysco shares dropped 3.6% Tuesday after quarterly sales missed analyst estimates, with revenue at $20.5 billion versus the expected $20.57 billion. Net earnings fell 15.2% to $340 million. The company reaffirmed its full-year profit outlook and highlighted growth in local restaurant sales. The update follows Sysco’s $29 billion deal to acquire Jetro Restaurant Depot.