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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 (NYSE: SYY) reported its Q1 FY2025 results with sales increasing 4.4% to $20.5 billion. The company saw a 2.9% increase in gross profit to $3.8 billion, though gross margin decreased 27 basis points to 18.3%. U.S. Foodservice volume grew 2.7%, while operating income increased 0.5% to $808 million. Earnings per share remained flat at $0.99, with adjusted EPS rising 1.9% to $1.09.
The company reiterated its FY25 guidance, projecting sales growth of 4-5% and adjusted EPS growth of 6-7%. International operations showed strong performance with an 8.6% increase in operating income. Sysco plans to return approximately $2 billion to shareholders for the fiscal year.
SYGMA Kansas City announced that warehouse colleagues represented by the International Brotherhood of Teamsters Local 955 have ratified a new collective bargaining agreement, ending a strike that lasted only 24 hours. The company emphasized its commitment to resolving issues through negotiations to avoid disruptions.
Jon Ratnasamy, president of SYGMA, stated that they had initially offered substantial wage increases and additional benefits requested by colleagues. The company expressed appreciation for their workers' efforts and reaffirmed its dedication to providing competitive wages and benefits.
With the agreement ratified, employees have returned to work and will immediately benefit from the market-leading wages offered by SYGMA. The company views this resolution as a balance between business needs and employee interests.
Sysco (NYSE:SYY), the world's largest food distributor, has launched 19 innovative, labor-saving products exclusively for its customers through the Cutting Edge Solutions platform. The Fall 2024 lineup includes globally inspired appetizers, labor-saving options, versatile sauces, and on-trend desserts.
Key offerings include:
- Sweet Thai Chili Chicken Bites, Chicken Al Pastor Blue Corn Empanadas, and Chile Relleno Spring Rolls
- Portico Classic Homestyle Breaded Mega Shrimp U10
- Imperial Hot Pepper Peach Sauce
- Classic Cinnamon Cereal Milk Cake
Sysco Canada celebrated the opening of its Legacy Space in Toronto through a 5-year partnership with The Gord Downie & Chanie Wenjack Fund. The space features a hand-painted mural by Hannah Sage LaForme of the Mississaugas of the Credit First Nation and a library nook for reconciliation education.
The celebration included a ceremony led by Elder Garry Sault, remarks from Kayleigh O'Connor of The DWF, and Tim Cameron, President of Sysco Ontario, who emphasized Sysco's commitment to reconciliation. Refreshments from Indigenous-owned businesses were served.
The event highlighted Sysco's dedication to fostering partnerships with Indigenous communities. CTV Toronto featured the Legacy Space on September 28, in honor of the National Day for Truth and Reconciliation.
Sysco (NYSE:SYY) has announced it will host a conference call and webcast to discuss its first quarter fiscal year 2025 financial results on Tuesday, Oct. 29, 2024, at 10 a.m. EDT. The company will issue a news release and post a slide presentation in the investor relations section of its website prior to the call. Interested parties can listen online at investors.sysco.com, where a replay will be available after the live webcast.
Sysco, the global leader in food product distribution, serves approximately 730,000 customer locations through 340 distribution facilities worldwide with over 76,000 colleagues. For fiscal year 2024, ending June 29, 2024, Sysco generated sales exceeding $78 billion. The company uses its investor relations website as the primary channel for publishing key information to investors.
Sysco's Climate Week insights highlight both progress and challenges in sustainability efforts. Key positive takeaways include:
- Large-scale action in sustainable practices, particularly in regenerative landscapes, transportation decarbonization, and innovative consumer products
- Shift from panel discussions to action-oriented roundtables among peers
- Palpable momentum among committed companies and organizations
Challenges identified include:
- Reporting overload hampering action due to complex regulations
- Greenwashing regulations and risks potentially slowing progress and causing less ambitious companies to roll back targets
The insights were gathered during New York Climate Week, which provided opportunities for connection and collaboration among climate professionals, customers, suppliers, and peers.
Sysco (NYSE:SYY), the world's largest food distributor, has added 8 heavy-duty electric tractors to its fleet in Victoria, British Columbia. This addition is part of Sysco's broader sustainability initiative to reduce scope 1 and 2 emissions by 27.5% by 2030. The Victoria fleet now serves over 1,500 customers, including restaurants, healthcare, and education sectors. Globally, Sysco has over 130 heavy-duty electric tractors across the United States, Canada, United Kingdom, and Sweden.
Neil Russell, Sysco's Chief Administrative Officer, emphasized the importance of partnerships with the Government of Canada, the Government of British Columbia, and BC Hydro in achieving their climate goals. The company celebrated this milestone during National Trucking Week at their Victoria distribution center, highlighting the zero tailpipe emissions of electric tractors and their alignment with customer expectations for responsible foodservice distribution.
Sysco, a leading food service distribution company, has announced its FY24 Volunteer and Site of the Year Winners. This recognition is part of Sysco's commitment to giving back to communities and aligns with their Global Good Goal of donating $500 million worth of 'good' to global communities by 2025.
The company celebrates the dedication of its employees who contribute significant volunteer hours, emphasizing the importance of service in driving meaningful change. Sysco's approach to corporate social responsibility combines employee engagement with community support, demonstrating how collective efforts can create lasting positive impacts.
While specific winners were not named in the press release, Sysco's acknowledgment of these contributions highlights the company's focus on fostering a culture of volunteerism and community involvement among its workforce.
Sysco (NYSE:SYY), the world's largest food distributor, has announced a comprehensive plan to support the FDA's Food Traceability Rule under the Food Safety Modernization Act (FSMA). Effective summer 2024, Sysco will implement advanced traceability measures to ensure food safety, quality, and transparency from farm to table. Key components of Sysco's initiative include:
1. Partnering with iFoodDS for traceability solutions
2. Enhancing digital tracking systems
3. Collaborating with suppliers on traceability practices
4. Supporting customers with accessible traceability information
5. Establishing an internal task force for compliance and continuous improvement
Sysco aims to lead the industry in food safety and help its suppliers comply with the new regulations.
Sysco, a leader in food product distribution, has launched its Future Leaders program to develop the next generation of supply chain leaders. Initiated in 2022, this 40-week program offers comprehensive training and immersive experiences for newly hired college graduates, many of whom started as supply chain interns. The program has already:
- Welcomed 25 Future Leaders to the site-based program
- Secured permanent roles for the initial 9 participants in diverse positions
- Expanded to 16 active participants across 9 Sysco locations nationwide
This initiative demonstrates Sysco's commitment to cultivating a strong pipeline of Field Operations leaders, preparing them to innovate and lead in the dynamic field of supply chain management.
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