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.
Sysco Corporation (NYSE:SYY) announced a live webcast of its presentation at the UBS Global Consumer and Retail Conference on March 9, 2022, at 9:00 a.m. EST. Investors can access the webcast at investors.sysco.com. An archived replay will be available post-event. Sysco's investor relations section serves as the primary channel for public disclosures, providing key information about the company.
Sysco Corporation (SYY) has joined the U.S. Food Loss and Waste 2030 Champions initiative, aiming to reduce food waste by 50% by 2030. The company plans to divert 90% of its food waste from landfills by 2025 through meal donations and composting. Sysco's Senior Vice President emphasized the company's commitment to community support and sustainability, targeting $500 million in charitable contributions by 2025. This initiative aligns with Sysco's Corporate Social Responsibility goals, reflecting a focus on reducing environmental impact.
Sysco Corporation (NYSE: SYY) has completed the acquisition of The Coastal Companies, a prominent fresh produce distributor. This deal will enhance FreshPoint, Sysco’s specialty produce division, allowing for improved service in the Mid-Atlantic region and the addition of retail and ready-to-eat capabilities. The Coastal Companies, based in Laurel, MD, generates approximately $600 million in annual revenue through its integrated businesses: Coastal Sunbelt Produce, Lancaster Foods, and East Coast Fresh. The financial terms of the acquisition were not disclosed.
Sysco Corporation (NYSE:SYY) announced a live webcast of its presentation at the CAGNY 2022 Conference, scheduled for February 22, 2022, at 12:40 p.m. EST. The event will be accessible on Sysco’s investor relations website, with an archived replay available afterward. Sysco emphasizes the use of its investor relations page for public disclosures, ensuring investors stay informed about key information. As a global leader in food distribution, Sysco generated over $51 billion in sales for fiscal 2021, serving more than 650,000 customer locations worldwide.
Sysco Corporation (NYSE: SYY) reported a strong Q2 fiscal 2022, with sales reaching $16.3 billion, a 41.2% increase year-over-year. Gross profit soared to $2.9 billion, up 37.8%, but gross margin slightly decreased to 17.7%. Operating income jumped 109.8% to $444.9 million. Despite elevated inflation and increased operating expenses due to the Omicron variant, the company managed product costs effectively. A total of $650 million was returned to shareholders through dividends and stock buybacks, contributing to robust financial results.
Sysco Corporation (NYSE:SYY) will host a conference call on Feb. 8, 2022, at 10 a.m. EST to discuss its second quarter fiscal year 2022 financial results. Interested parties can join the call via investors.sysco.com. A news release and slide presentation will be available before the event. Sysco, a leader in food distribution, generated over $51 billion in sales for fiscal 2021 and serves over 650,000 customers globally.
Sysco Corporation (NYSE: SYY) has been recognized as one of America’s Most JUST Companies, leading the food and drug retailer sector for the first time. The ranking is based on an evaluation by JUST Capital and CNBC, focusing on key issues such as job creation, fair wages, and sustainability. Sysco's commitment to Corporate Social Responsibility is highlighted, with praise from Senior Vice President Neil Russell for the company's progress in caring for people and communities. In fiscal 2021, Sysco generated over $51 billion in sales and serves over 650,000 customer locations globally.
Sysco Corporation (NYSE:SYY) announced plans to webcast its presentation at the ICR Conference 2022 on January 10, 2022, at 1:00 p.m. ET. The live event can be accessed through investors.sysco.com, with an archived replay available post-event. Sysco emphasizes its investor relations website as the primary channel for disclosing key information, including corporate social responsibility updates from its recent report.
Sysco Corporation (NYSE: SYY) announced the appointment of three new directors to its board effective January 1, 2022, expanding the board to 13 members. The new members—Ali Dibadj, Jill M. Golder, and Alison Kenney Paul—bring diverse expertise from various industries. These appointments align with Sysco's strategy to enhance leadership and perspectives as it focuses on its Recipe for Growth strategy. The new directors will stand for reelection at the Annual Meeting on November 18, 2022.
Sysco Corporation (SYY) has relaunched its Foodie magazine to enhance the experience for foodservice operators. The redesign features engaging content on digital solutions in partnership with Google, culinary trends, recipes from Executive Chef Neil Doherty, and a customer spotlight on Montana Ale Works. The magazine aims to provide foodservice operators with valuable insights and resources to drive consumer traffic and menu innovation. Sysco continues to emphasize its commitment to supporting customers through innovative solutions and community involvement.
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