Welcome to our dedicated page for Sysco news (Ticker: SYY), a resource for investors and traders seeking the latest updates and insights on Sysco stock.
Sysco Corporation (NYSE: SYY) is a global leader in foodservice distribution, connecting suppliers with over 650,000 customer locations across restaurants, healthcare facilities, and educational institutions. This dedicated news hub provides investors and industry professionals with comprehensive access to official corporate announcements and market-relevant developments.
Track key business initiatives through curated press releases spanning earnings reports, supply chain innovations, sustainability efforts, and strategic partnerships. Our repository ensures timely access to operational updates, leadership changes, and product expansion announcements that shape Sysco's position in the $300B+ foodservice distribution industry.
Discover categorized updates including quarterly financial results, acquisition activity, technology implementations, and industry partnership developments. All content is sourced directly from Sysco's corporate communications to maintain accuracy and compliance with financial disclosure standards.
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Sysco Corporation (SYY) reported Q3 fiscal 2021 results with sales of $11.8 billion, a 13.7% decline year-over-year. Gross profit fell 17.2% to $2.1 billion, while gross margin decreased to 18.0%. Despite challenges, operating income surged 291.4% to $235.9 million, and EPS rose to $0.17. Cash flow from operations was strong at $543.1 million, with free cash flow at $459.7 million. The company also reduced debt by $1.1 billion. Overall, while some metrics were down, demand is recovering, with a notable increase in independent customer accounts.
Sysco Corporation (SYY) announced the appointment of Ron Phillips as executive vice president and chief human resources officer, effective May 3, 2021. Kevin Hourican, CEO of Sysco, emphasized Phillips' 25 years of HR experience and his ability to lead transformative change through people-first strategies. Phillips previously held senior HR roles at CVS Health, Carnival Cruise Line, and New York Presbyterian Hospital System. This leadership change aims to enhance Sysco's global HR strategy and strengthen its position as an employer of choice.
Guest Supply, a subsidiary of Sysco Corporation (NYSE:SYY), has partnered with Volara to introduce Google for Hotels to U.S. customers. This initiative aims to enhance the guest experience with a contactless solution featuring Google Assistant on Google Nest Hub devices, allowing guests to access services via voice commands. Hoteliers can choose from budget-friendly pricing plans and various customizable options. This collaboration is viewed as essential for the hospitality industry's recovery, offering privacy-protected technology that addresses modern guest needs during the pandemic.
Sysco Corporation (NYSE:SYY) will hold a conference call on May 4, 2021, at 10 a.m. Eastern to discuss its Q3 fiscal year 2021 results. All interested parties can access the live webcast at investors.sysco.com, with a replay available shortly after. The company also plans to issue a news release and present a slide deck prior to the call. Sysco is recognized as a leader in selling and distributing food products, with over 57,000 associates and more than $52 billion in sales for fiscal 2020.
Sysco Corporation (NYSE: SYY) announced three new toolkits for its Foodie Solutions platform on March 18, 2021. These toolkits—Brunch, Protecting Your Business, and Turning Your Tables—aim to assist restaurant operators as they adapt to changing business environments post-COVID-19. The Brunch toolkit includes innovative ideas for popular brunch offerings, while the Protecting Your Business toolkit focuses on safe packaging for takeout meals. The Turning Your Tables toolkit emphasizes efficient table management to improve profitability and guest experience. Sysco continues to support its customers with exclusive services and resources.
Guest Supply, a subsidiary of Sysco Corporation (NYSE:SYY), has partnered with Corsicana Mattress Company to introduce Contourest® Copperbed mattresses. These self-sanitizing mattresses, designed for hospitality and education, leverage advanced copper technology for antimicrobial properties. Manufactured in Corsicana's U.S. plants, they offer various comfort options alongside a full suite of protective products. The partnership aims to enhance sanitation standards and customer safety in a critical market.
Sysco Corporation (NYSE:SYY) has successfully reduced its outstanding debt by a total of $1.1 billion. On March 9, the company paid off $700 million in borrowings from its revolving credit facility, while its UK subsidiary, Brake Bros Limited, repaid approximately $417 million of its commercial paper program debt. These payments, funded with cash on hand, are expected to decrease annual interest expenses by around $15 million. Sysco's CFO expressed confidence in a market recovery and emphasized ongoing investments in transformation efforts.
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.
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