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) will present at the CAGNY 2021 Conference on February 16 at 12:30 p.m. ET. The event will be available via live webcast at investors.sysco.com, with an archived replay accessible after the event. Sysco, a leader in food distribution, reported over $52 billion in sales for fiscal 2020 and serves more than 625,000 customers globally.
Sysco Corporation (NYSE: SYY) has purchased over 21,000 gift cards worth more than $525,000 to support its restaurant customers during the pandemic. These $25 gift cards are given to Sysco's frontline associates as a token of appreciation for their dedication. This initiative is part of Sysco's broader commitment to assist the restaurant industry, which includes eliminating minimum order sizes for deliveries and offering marketing support through its Foodie Solutions platform. Sysco aims to bolster cash flow for its clients and demonstrate gratitude towards its employees.
Sysco Corporation (NYSE:SYY) will hold a conference call on February 2, 2021, at 10 a.m. Eastern to discuss its second quarter fiscal year 2021 financial results. Interested parties can listen online at investors.sysco.com. A replay will be accessible shortly after the call. The company aims to communicate key information via its investor relations website, which may include material non-public information. Sysco, a leader in food distribution, reported over $52 billion in sales for fiscal 2020.
Sysco Corporation (NYSE: SYY) announced the launch of four new toolkits aimed at enhancing restaurant operations during winter trends and events. These include the Valentine’s Day, Wholesome Dining, Seafood, and Greatest Game toolkits, which provide actionable insights for boosting revenue and enhancing customer experiences. The Valentine’s Day Toolkit offers virtual meal kits and dessert ideas, while the Wholesome Dining Toolkit focuses on health-conscious menu options. The Seafood Toolkit aims to leverage the 20% increase in seafood sales during spring, and the Greatest Game toolkit adapts tailgating to home celebrations.
Sysco Corporation (NYSE: SYY) has appointed Tom Peck as executive vice president and chief information and digital officer, effective Jan. 4, 2021. Peck will spearhead Sysco's digital transformation initiatives and modernize its technology infrastructure. He brings over 20 years of experience from Ingram Micro, AECOM, and other global firms. Sysco's president Kevin Hourican expressed confidence in Peck's ability to enhance customer engagement technologies and drive sales growth.
Sysco Corporation (NYSE:SYY) declared a quarterly cash dividend of $0.45 per share, set for payment on January 29, 2021. To qualify, stockholders must be on record by January 8, 2021. For fiscal 2020, Sysco reported sales exceeding $52 billion and operates 326 distribution facilities globally, supporting over 625,000 customer locations.
Sysco Corporation (NYSE:SYY) announced it will webcast its presentation at the 2020 Barclays Eat, Sleep, Play Conference on December 1 at 2:40 p.m. ET. The live webcast can be accessed via investors.sysco.com, with an archived replay available afterward. Sysco, a leader in marketing and distribution of food products, reported over $52 billion in sales for fiscal 2020, serving more than 625,000 customers globally. The company emphasizes using its investor relations website for public disclosures of key information.
Sysco Corporation (NYSE: SYY) announces significant leadership changes as Aaron E. Alt joins as executive vice president and chief financial officer, effective Dec. 7, 2020. Current CFO, Joel Grade, transitions to executive vice president, business development to drive growth via new business initiatives and M&A capabilities. Alt brings over 20 years of executive finance experience, previously leading financial operations at Sally Beauty Holdings and Target Corporation. Sysco aims to enhance its market position and accelerate profitable growth through strategic transformation.
Sysco Corporation (NYSE: SYY) has announced the elimination of minimum delivery size requirements for its customers, effective November 16, 2020, as part of its Restaurants Rising campaign. This initiative aims to enhance operational flexibility for restaurants, especially independent operators affected by fluctuating demand and COVID-19 restrictions. Sysco also offers various support services, including free marketing tools, discounts on essential services, and fast onboarding for new customers, all designed to help restaurants thrive in a challenging market.
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