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 quarterly cash dividend of $0.45 per share. This dividend will be paid on April 23, 2021, to stockholders of record as of April 1, 2021. With a workforce of over 57,000 associates, Sysco operates 326 distribution facilities globally, serving more than 625,000 customer locations. For the fiscal year ending June 27, 2020, Sysco generated over $52 billion in sales.
Sysco Corporation (NYSE:SYY) introduces nine new products via its Cutting Edge Solutions platform, enhancing its offerings for foodservice operators. Key innovations include plant-based vegetable pastas and labor-saving chicken concepts, designed to improve operational efficiency. The products also emphasize sustainability with eco-friendly items like microfiber towels and agave straws. Sysco aims to help foodservice operators differentiate their menus amidst a challenging market environment and provide enhanced solutions to boost profitability.
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.
FAQ
What is the current stock price of Sysco Corporation (SYY)?
What is the market cap of Sysco Corporation (SYY)?
What does Sysco Corporation do?
How large is Sysco's market share in the U.S.?
What are some recent projects Sysco is involved in?
Who is the current CEO of Sysco?
How many distribution facilities does Sysco operate?
What is Sysco Marketplace?
What are Sysco's main segments of operation?
What sustainability efforts is Sysco involved in?
How much revenue did Sysco generate in fiscal year 2023?
Where can I find more information about Sysco's financial performance?
