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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 Corporation (NYSE:SYY) will webcast its presentation at the CAGNY 2023 Conference on February 21, 2023, at 2:00 p.m. EST. Investors can access the live webcast at investors.sysco.com, with an archived replay available shortly after the event ends. The company emphasizes its investor relations section for public disclosure of key information, including financial updates. Sysco is a leader in food product distribution, generating over $68 billion in sales for fiscal year 2022. They operate 333 distribution facilities globally and serve approximately 700,000 customer locations.
Sysco Corporation (SYY) announced its financial results for the second fiscal quarter ending December 31, 2022, reporting a 13.9% increase in sales to $18.6 billion. Gross profit rose by 15.9% to $3.3 billion, with operating income up 44.0% to $640.6 million. However, EPS decreased by 15.2% to $0.28 due to a non-cash pension liability transfer charge of $315.4 million. Adjusted EPS improved by 40.4% to $0.80. The company reported strong U.S. foodservice volume growth of 5.2% and plans to capitalize on its Recipe For Growth strategy to drive continued profitability.
Sysco Corporation (NYSE:SYY) will host a conference call on January 31, 2023, at 10 a.m. EDT to discuss its second quarter fiscal year 2023 financial results. Interested parties can access the call through the investors.sysco.com website. Prior to the call, a news release and presentation will be made available online. Sysco is a global leader in food products distribution, operating over 333 distribution facilities with approximately 700,000 customer locations and generating more than $68 billion in sales for fiscal year 2022.
Guest Supply has partnered with Innvision Hospitality for a 10-year collaboration to enhance FF&E project services across their US customer network. This strategic partnership aims to provide customers with comprehensive services, including interior design, procurement, and project management. Kevin Korab from Guest Supply emphasized that Innvision's reputation for speed and quality aligns perfectly with their goals. Together, they plan to deliver personalized solutions to meet customer project needs more effectively.
Sysco Corporation (NYSE: SYY) announces the resignation of Aaron Alt as CFO, effective January 6, 2023. Neil Russell, currently Senior VP of Corporate Affairs, has been appointed as the Interim CFO. Both leadership changes come as the company seeks a permanent successor for the CFO role. Sysco's CEO, Kevin Hourican, highlighted Alt's contributions in strengthening the company's balance sheet and capital allocation strategies. Russell is recognized for his extensive experience in investor relations and finance, supporting Sysco's ongoing financial strategy.
Sysco Corporation (NYSE:SYY) declared a quarterly cash dividend of $0.49 per share, payable on January 27, 2023, to shareholders of record by the close of business on January 6, 2023. This decision reflects Sysco's commitment to returning value to its investors. In fiscal year 2022, Sysco generated over $68 billion in sales and serves approximately 700,000 customers worldwide, maintaining its position as a leader in food product distribution.
Sysco Corporation (NYSE: SYY) has received its first battery electric Freightliner eCascadia, leading the way in sustainable foodservice distribution. This zero-emission truck is part of a plan to electrify 35% of Sysco's U.S. fleet by 2030, aiming for a 27.5% reduction in direct emissions. With the introduction of this truck, Sysco is set to deploy up to 800 eCascadias by 2026. The Riverside, California site will host these trucks, enhancing delivery efficiency while promoting environmental responsibility. This marks a significant step in Sysco's climate journey.
Sysco Corporation reported strong financial results for its first fiscal quarter ending October 1, 2022.
Sales surged by 16.2% to $19.1 billion, while gross profit rose 17.4% to $3.5 billion. Operating income increased 16.3% to $734.3 million, with adjusted EPS climbing to $0.97 from $0.83 in the previous year. The U.S. Foodservice segment led growth, with a 7.3% volume increase. Despite operating expenses rising 17.7% due to inflation and investments, the company remains optimistic for continued growth and plans to return $1.5 billion to shareholders in fiscal 2023.
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