Food services giant Sysco (NYSE:SYY) saw its profit dwindle 8% in Q4 thanks to rising food costs, especially in the poultry, meat and canned or dry goods categories, and charges tied to business reorganization.
The company’s earnings came to $309.3 million, or 53 cents per share, as opposed to the $336.3 million, or 57 cents per share, it earned a year earlier. Analysts had been expecting 54 cents per share.
Revenue, on the other hand, rose 6% to $11.05 billion and beat Wall Street’s expectations of $11.04 billion.
For the full year, Sysco earned $1.12 billion, down from the $1.15 billion it earned last year, and annual revenue increased 8%.
Shares of the company were up around 3% following the report and have risen nearly 8% in the last three months.