Sysco Profits Down, Stock Stumbles

Food-service and distribution company Sysco(SYY Quote) announced today that it lowered its expenses enough during its fiscal third quarter to stave off weaker sales and report earnings even with Wall Street's targets.

Sysco shares were trading lower Monday, changing hands at $22.96, down nearly 6%, on heavy volume.

In a pre-market release, Sysco reported a bottom-line profit of $226.2 million, or 38 cents a share, down from the year-earlier period's $240.9 million, or 40 cents a share. Sales fell 4.5% to $8.7 billion from $9.1 billion. ...