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 reported Q1 Fiscal 2021 results with sales of $11.8 billion, a 23% decline year-over-year. Gross profit also fell, down 24.6% to $2.2 billion, with operating income at $419.6 million, reflecting a 37.2% decrease. EPS dropped to $0.42, down 51.7% from the previous year. Despite these challenges, the company generated positive free cash flow of $862.4 million, showcasing effective expense management. Sysco remains focused on its business transformation to enhance customer service and differentiate its operations amidst ongoing pandemic impacts.
Sysco Corporation (NYSE: SYY) has unveiled its 2020 Corporate Social Responsibility (CSR) Report, outlining achievements toward its 2025 CSR goals. Key highlights include the donation of 30 million meals globally during COVID-19 and the launch of an Animal Welfare Policy for suppliers. Sysco has made responsible sourcing commitments for beef, paper, soy, and coffee, achieving a 16.6% improvement in energy efficiency since 2014. The company continues to focus on sustainability efforts, including carbon footprint assessment and renewable energy projects.
Sysco Corporation (SYY) is set to host a conference call on November 3, 2020, at 10 a.m. Eastern to discuss its first-quarter fiscal 2021 financial results. Investors can join via investors.sysco.com. A replay will be accessible shortly after the event. The company, a leading global food distributor, reported over $52 billion in sales for fiscal 2020, serving 625,000 customer locations worldwide. Sysco uses its investor relations website as a primary channel for distributing key investor information.
Sysco Corporation (NYSE: SYY) announced Judith Sansone as the new executive vice president and chief commercial officer, starting Oct. 26, 2020. In this newly created role, Sansone will drive Sysco's commercial strategies, focusing on merchandising, marketing, pricing, and digital sales. She aims to enhance customer engagement and optimize sales growth. Previously, Sansone held a significant position at CVS Health, overseeing a $20 billion business. The company also stated that Michael Foster will resign as executive vice president and chief information officer effective Dec. 31, 2020.
Sysco Corporation (SYY) has launched a Holiday Toolkit as part of its Foodie Solutions platform, aimed at helping foodservice operators adapt to the challenges posed by the COVID-19 pandemic. This toolkit offers innovative, easy-to-execute ideas to boost revenue through unique offerings such as charcuterie boards and meal kits. As the holiday season approaches, Sysco's new resources aim to support profitability while adhering to social distancing requirements. The company reported over $52 billion in sales for fiscal 2020, reinforcing its position as a market leader.
Sysco Corporation (NYSE: SYY) is testing an all-electric Freightliner eCascadia truck as part of its Corporate Social Responsibility (CSR) strategy aimed at reducing its carbon footprint. The deployment of the eCascadia from Daimler Trucks North America supports Sysco's goal to increase alternative fuel usage in its fleet. Testing will occur at the San Francisco site until January 2021, providing essential feedback for future electric vehicle designs. Sysco actively collaborates in the Freightliner Electric Vehicle Council, addressing barriers to the large-scale implementation of electric vehicles.
Sysco Corporation (NYSE:SYY) announced the appointment of Tim Ørting as the executive vice president & president of foodservice operations – international, effective January 4, 2021. In this newly-created position, Ørting will oversee Sysco’s international operations in Canada, Europe, The Bahamas, and Latin America, focusing on growth strategies. Ørting brings 30 years of experience from Arla, where he led international operations across multiple markets. Sysco generated over $52 billion in sales for fiscal 2020, operating globally with 326 distribution facilities.
Sysco Corporation (NYSE: SYY) has launched ten new menu concepts through its Cutting Edge Solutions platform, aimed at assisting foodservice operators in adapting to changes in dining trends caused by the COVID-19 pandemic. These products focus on comfort foods, outdoor dining, and better-for-you ingredients, catering to evolving consumer preferences. Sysco aims to enhance operational efficiency through labor-saving solutions and innovative items, such as plant-based proteins and unique appetizers. The initiative is designed to help clients improve their menus and drive revenue growth during challenging times.
Sysco Corporation (NYSE: SYY) has launched ten new menu concepts via its Cutting Edge Solutions platform to support foodservice operators during the pandemic. These chef-tested products cater to current dining trends like comfort foods, outdoor dining, and healthier options, enabling operators to adapt their menus effectively. Sysco's innovations include items such as plant-based proteins and unique appetizers aimed at enhancing customer experiences and improving operational efficiency. For the fiscal year 2020, Sysco reported over $52 billion in sales, underlining its robust market position.
Sysco Corporation (NYSE: SYY) has launched Foodie Solutions, a new platform aimed at helping foodservice operators adapt to rapid changes brought on by the COVID-19 pandemic. This comprehensive toolkit provides essential resources for driving traffic, generating revenue, and optimizing operations. Key features include Virtual Kitchens, Grab & Go Foods, Family Style Meal Kits, and Patio Dining. Sysco aims to support its customers through innovative strategies, ensuring they can thrive in the evolving foodservice landscape.
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?
