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Sysco Corporation (NYSE: SYY) is the global leader in selling, marketing, and distributing food products to restaurants, healthcare and educational facilities, lodging establishments, and other customers who prepare meals away from home. Alongside its extensive food product lineup, Sysco also offers equipment and supplies for the foodservice and hospitality industries.
With a workforce of more than 72,000 employees, Sysco operates 334 distribution facilities globally, serving approximately 725,000 customer locations. In fiscal year 2023, which ended on July 1, 2023, Sysco generated sales exceeding $76 billion. The company's operations are divided into several segments: U.S. foodservice operations (70% of revenue), international (18%), quick-service logistics (10%), and other segments (2%).
As the largest U.S. foodservice distributor, Sysco holds a 17% share in the fragmented $350 billion domestic market. Sysco distributes around 500,000 food and non-food products to various sectors, including restaurants (62% of fiscal 2023 revenue), education and government buildings (8%), travel and leisure (8%), healthcare facilities (7%), and other locations (15%) where meals are prepared outside the home.
Sysco has been actively engaged in recent projects and partnerships to enhance its market presence and operational efficiency. Notably, Sysco has teamed up with iFoodDS to develop a proof-of-concept project aimed at complying with the U.S. Food and Drug Administration's (FDA) Food Safety Modernization Act (FSMA) 204 Food Traceability Rule. This partnership focuses on creating a flexible, scalable, and interoperable traceability solution that ensures food safety and boosts efficiency across its supplier network.
Furthermore, Sysco has introduced new sustainability initiatives, particularly in product packaging. The company is working with suppliers to reduce plastic waste and implement eco-friendly packaging solutions. For example, Sysco's Earth Plus Brand Agave Straw is commercially compostable and reduces plastic waste significantly. Additionally, Sysco's Fresh Direct business in Great Britain has transitioned berries to FSC-certified paper packaging, eliminating over 50 tons of plastic waste annually.
Sysco's commitment to sustainability extends to its own-brand packaging, shifting from white to kraft corrugate cases, saving energy and materials while enhancing recyclability. The company also hosts sustainability summits to collaborate with suppliers on reducing environmental footprints.
In leadership news, Kevin Hourican, Sysco's President and CEO, has been appointed as Chair of the Board of Directors, succeeding Edward D. Shirley due to personal health reasons. Hourican's vision includes enhancing Sysco's Recipe for Growth strategy, aimed at driving market growth through digital transformation, supply chain optimization, and customer-focused solutions.
Sysco's comprehensive growth algorithm emphasizes sustainable growth, operational excellence, and balanced capital return. The company also launched Sysco Marketplace, a digital platform allowing third-party suppliers to sell products directly to Sysco customers, enhancing the shopping experience and supporting smaller suppliers.
For further information on Sysco's sustainability initiatives, financial performance, and strategic developments, visit Sysco's investor relations at investors.sysco.com.
Sysco celebrates its 25-year partnership with Share Our Strength, having contributed over $9 million to combat childhood hunger. As part of Sysco's Global Good Goal, the company has provided volunteer support and product donations to No Kid Hungry events. The partnership coincides with Share Our Strength's 40th anniversary, highlighting Sysco's commitment beyond monetary contributions through culinary fundraising support and assistance to schools during pandemic challenges.
Sysco has launched its annual Global Purpose Month in November, setting an ambitious target of 20,000 volunteer hours. The company's teams will focus on fighting hunger through meal packing initiatives and partnerships with local food charities. This effort aligns with Sysco's Global Good Goal and its core purpose of connecting the world to share food and care for one another. The initiative includes both on-site and community-based volunteer activities across their global operations.
Sysco (NYSE:SYY) has announced a quarterly cash dividend of $0.51 per share, payable on January 24, 2025, to stockholders of record as of January 3, 2025. The company, a global leader in food product distribution, serves approximately 730,000 customer locations through 340 distribution facilities worldwide, employing over 76,000 colleagues. For fiscal year 2024, ending June 29, 2024, Sysco generated sales exceeding $78 billion.
Sysco (NYSE:SYY), the world's largest food distributor, has donated 2,500 turkeys and $10,000 to City Harvest, New York's first and largest food rescue organization. The donation is part of Sysco's Nourishing Neighbors® program, which allocates a portion of proceeds from Sysco branded case sales to local charitable organizations. Sysco Metro New York employees are volunteering at the Child Development Support in Brooklyn to distribute turkeys. The initiative comes as food assistance needs in New York City have increased 82% compared to pre-pandemic levels, with about 50% of working-age households struggling financially.
Sysco (NYSE:SYY) has made significant charitable contributions to Three Square Food Bank in Las Vegas. The company donated 2,500 turkeys and presented a $10,000 check through its Nourishing Neighbors® program. As part of Sysco's Purpose Month, employees volunteered to pack 250 shelf-stable packages, 250 produce bags, and 1,200 Meals on Wheels senior bags. In Fiscal 2024, Sysco Las Vegas has already contributed nearly 33,000 meals to Three Square Food Bank, supporting their mission to address food insecurity affecting one in seven Southern Nevadans.
Sysco (NYSE:SYY), the world's largest food distributor, donated 2,500 turkeys and presented a $10,000 check to the Houston Food Bank to support local communities during the holiday season. The donation is part of Sysco's annual Purpose Month, during which company employees will volunteer to distribute turkeys through food bank partners. In Fiscal Year 2024, Sysco Houston has already contributed over 300,000 pounds of food to the Houston Food Bank, providing approximately 256,000 meals.
BetterInvesting Magazine's Editorial Advisory and Securities Review Committee has selected NICE (NICE:Nasdaq) as its 'Stock to Study' for the January/February 2025 issue. The committee highlights the availability of fundamental data including sales, earnings, pre-tax profit, and return on equity through the National Association of Investors. The same issue will also feature a fundamental review of Sysco Corp. (SYY:NYSE) from an undervalued perspective.
Sysco (NYSE:SYY) announced it will webcast its presentation at the 2024 Morgan Stanley Global Consumer & Retail Conference on Tuesday, December 3, at 8:00 a.m. ET. The live webcast can be accessed at investors.sysco.com, with an archived replay available shortly after the event. Sysco utilizes its investor relations website as the primary channel for key disclosures, which may include material, non-public information.
Sysco is a global leader in food product distribution to restaurants, healthcare facilities, and other meal-preparing establishments. Operating 340 distribution facilities worldwide, Sysco serves approximately 730,000 customer locations and generated over $78 billion in sales for fiscal year 2024. For more information, visit sysco.com.
Sysco (NYSE:SYY), the world's largest food distributor, has partnered with the MICHELIN Guide as the official wholesale food distribution partner for the MICHELIN Guide Texas ceremony. The collaboration showcases Sysco's premium products and culinary expertise at this prestigious event. Victoria Gutierrez, Sysco's Chief Merchandising Officer, will present the MICHELIN Guide Young Chef Award at the ceremony on November 11. The partnership highlights Sysco's commitment to supporting culinary excellence through its distribution services, own-label products, and culinary consultations.
Sysco (NYSE: SYY) reported its Q1 FY2025 results with sales increasing 4.4% to $20.5 billion. The company saw a 2.9% increase in gross profit to $3.8 billion, though gross margin decreased 27 basis points to 18.3%. U.S. Foodservice volume grew 2.7%, while operating income increased 0.5% to $808 million. Earnings per share remained flat at $0.99, with adjusted EPS rising 1.9% to $1.09.
The company reiterated its FY25 guidance, projecting sales growth of 4-5% and adjusted EPS growth of 6-7%. International operations showed strong performance with an 8.6% increase in operating income. Sysco plans to return approximately $2 billion to shareholders for the fiscal year.
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