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Sysco falls after lowering annual sales forecast

By Reuters News

** Shares of food distributor Sysco SYY.N down ~5% to $77.80 premarket

** Expects annual sales growth in the lower end of 6% to 7% and maintains adjusted EPS growth in the range of 9% to 11%

** Q1 net sales of $21.74 billion misses estimates of $22.02 billion-data compiled by LSEG

** Q1 adj EPS increases 3.5%, in line with estimates of $1.19

** "Looking ahead, we remain confident in our net cost savings targets enabled by AI technology which include our expectation for $100 million in savings included in our FY27 guidance, with benefits accelerating in the second half," says CEO Kevin Hourican

** Co names interim CFO Brandon Sewell as its new finance chief

** As of last close, stock up ~11% YTD

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