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Sysco Corporation - SYY STOCK NEWS

Welcome to our dedicated page for Sysco Corporation news (Ticker: SYY), a resource for investors and traders seeking the latest updates and insights on Sysco Corporation stock.

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.

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Sysco Corporation's specialty produce company, FreshPoint, has agreed to acquire BIX Produce, a leading produce specialty and fresh cut distributor based in Minnesota. The acquisition will expand FreshPoint's geographic footprint, strengthen specialty offerings, and add a 200,000 sq. ft. production and warehouse facility to its operations.
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Sysco Corporation (NYSE:SYY) will host a conference call and webcast to discuss its third quarter fiscal year 2023 financial results on May 2, 2023, at 10 a.m. EDT. Interested parties can listen online via investors.sysco.com. A news release and slide presentation will precede the call, with a replay available after the event. Sysco is a leading global distributor of food products to various sectors including restaurants and healthcare, operating 333 distribution facilities worldwide and serving approximately 700,000 customers. In fiscal year 2022, Sysco reported sales exceeding $68 billion, showcasing its significant market presence.

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Sysco Corporation (NYSE: SYY) announced the appointment of Kenny Cheung as Chief Financial Officer (CFO), effective April 17, 2023. Cheung brings nearly 20 years of financial expertise, having previously served as CFO at The Hertz Corporation. Neil Russell, previously Interim CFO, has been named Chief Administrative Officer (CAO), tasked with driving Sysco's strategic initiatives and overseeing investor relations. Sysco's leadership emphasizes collaborative performance to enhance shareholders' value as they continue to implement their Recipe for Growth strategy. The company recorded sales of over $68 billion in fiscal year 2022.

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On February 22, 2023, Sysco Corporation (NYSE:SYY) announced a regular quarterly cash dividend of $0.49 per share. This dividend is payable on April 28, 2023, with the record date set for April 6, 2023. As the global leader in food product distribution, Sysco serves approximately 700,000 customer locations and operates 333 distribution facilities worldwide. The company generated over $68 billion in sales for fiscal year 2022, reflecting its robust market presence and operational scale.

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FAQ

What is the current stock price of Sysco Corporation (SYY)?

The current stock price of Sysco Corporation (SYY) is $74.85 as of January 8, 2025.

What is the market cap of Sysco Corporation (SYY)?

The market cap of Sysco Corporation (SYY) is approximately 36.6B.

What does Sysco Corporation do?

Sysco Corporation 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. They also provide equipment and supplies for the foodservice and hospitality industries.

How large is Sysco's market share in the U.S.?

Sysco holds a 17% share of the highly fragmented $350 billion domestic foodservice distribution market in the United States.

What are some recent projects Sysco is involved in?

Sysco has partnered with iFoodDS to develop a proof-of-concept project for FSMA 204 Food Traceability compliance. They are also working on sustainability initiatives to reduce plastic waste and implement eco-friendly packaging.

Who is the current CEO of Sysco?

Kevin Hourican is the current President and CEO of Sysco Corporation. He has also been appointed as Chair of the Board of Directors.

How many distribution facilities does Sysco operate?

Sysco operates 334 distribution facilities worldwide.

What is Sysco Marketplace?

Sysco Marketplace is a new digital platform that allows third-party suppliers to sell products directly to Sysco customers, offering a streamlined shopping experience.

What are Sysco's main segments of operation?

Sysco's main segments include U.S. foodservice operations (70% of revenue), international (18%), quick-service logistics (10%), and other segments (2%).

What sustainability efforts is Sysco involved in?

Sysco is involved in various sustainability initiatives, including reducing plastic waste through eco-friendly packaging and hosting sustainability summits with suppliers.

How much revenue did Sysco generate in fiscal year 2023?

Sysco generated sales exceeding $76 billion in fiscal year 2023.

Where can I find more information about Sysco's financial performance?

You can find more information about Sysco's financial performance in the Investor Relations section of their website at investors.sysco.com.
Sysco Corporation

NYSE:SYY

SYY Rankings

SYY Stock Data

36.62B
490.18M
0.18%
88.04%
2.98%
Food Distribution
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