The quarterly reports by US Foods and Aramark posted on August 4th emphasize the impact of COVID-19 on the food service sector, reducing both revenue and earnings.
For Q2 of fiscal 2020 ending June 27th U.S. Foods reported revenue of $4.56 billion down 29.2 percent from the corresponding second quarter of fiscal 2019. Net loss for the quarter was $97 million compared to a net profit of $116 million in Q2 of 2019. For the half year, U.S. Foods recorded a 12.6 percent decline in revenue to $10.90 billion with a loss of $224 million compared to a profit of $187 million for the first half of fiscal 2019.
Aramark heavily committed to universities, hospitals and institutional and corporate dining, reported a loss for the third quarter of fiscal 2020 ending June 26th. Revenue was down 46 percent to $2.15 billion. The quarterly loss was $256 million compared to a profit of $82.9 million for Q3 of 2019. Operating income for food service in the U.S. operation declined 252 percent from $128 million in Q3 of FY 2019 to a loss of $194 million for the most recent quarter.