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) 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.
On August 21, 2020, Sysco Corporation (NYSE: SYY) declared a quarterly cash dividend of $0.45 per share, payable on October 23, 2020, to stockholders of record by the end of business on October 2, 2020. In fiscal 2020, Sysco reported sales exceeding $52 billion, reflecting its position as a leader in food product distribution for various establishments including restaurants and healthcare facilities. The announcement signifies continued shareholder returns amidst its extensive global operations.
Mad Mobile, Inc. has announced its plan to acquire CAKE, a restaurant technology company owned by Sysco Corporation (NYSE: SYY). The acquisition, aimed to expedite Mad Mobile’s vision of a mobile-first POS solution, is set to close by September 30, 2020. CAKE currently serves over 5,000 restaurant locations and will benefit from Mad Mobile's platform integration which will enhance offerings such as Mobile Ordering and Contactless Payment. Sysco's Chief Information and Technology Officer highlighted this transaction as a chance to focus on digital transformation.
Sysco has launched its innovative Restaurant Readiness Tool, designed to assist restaurant operators in re-opening as COVID-19 restrictions ease. This tool offers a virtual tour of a restaurant, showcasing best practices for health and safety through interactive icons, videos, and product recommendations. The shopping experience integrates with Sysco's platform, Sysco SHOP. Additional resources include checklists and guidance for optimizing menus and implementing contactless service strategies. Sysco aims to support the restaurant industry during these challenging times.
Sysco Corporation (NYSE: SYY) will webcast live from the Jefferies Virtual Consumer Conference on June 24, 2020, at 8:30 a.m. ET. Investors can access the live event through investors.sysco.com, where an archived replay will be available shortly after. Sysco, a global leader in food product distribution, generated over $60 billion in sales for fiscal 2019. The company utilizes its website to disclose key information to investors, ensuring transparency and accessibility for material insights.
Sysco Corporation (NYSE:SYY) has declared a quarterly cash dividend of $0.45 per share, with payment scheduled for July 24, 2020. Shareholders on record by the close of business on July 2, 2020 will be eligible for this dividend. For the fiscal year ending June 29, 2019, Sysco reported sales exceeding $60 billion, affirming its position as a leader in food distribution to various sectors such as restaurants and healthcare.
Sysco Corporation (NYSE:SYY) announced it will webcast its presentation at the 2020 Bernstein Strategic Decisions Conference on May 29 at 9:00 a.m. ET. The live event can be accessed through investors.sysco.com, and an archived replay will be available after the event. Sysco, a leader in food distribution with over 320 facilities globally, generated over $60 billion in sales for fiscal 2019.
Sysco Corporation (NYSE: SYY) will webcast its presentation at the BMO Farm to Market Conference on May 14 at 9:20 a.m. ET. The live event can be accessed via investors.sysco.com. An archived version will be available after the presentation. Sysco is a leader in selling and distributing food products, serving over 650,000 customer locations globally. For fiscal 2019, Sysco reported sales of over $60 billion. The company prioritizes investor relations through its website for sharing key information.
Sysco Corporation (NYSE:SYY) announced the appointment of Marie Robinson as executive vice president and chief supply chain officer. Robinson, with extensive experience in global supply chain leadership, will oversee Sysco's supply chain transformation aimed at enhancing profitable growth through tailored solutions. Previously, she held senior roles at Capri Holdings and Michael Kors, focusing on logistics and operational efficiency. Sysco, a leader in food distribution, generated over $60 billion in sales for fiscal 2019, operating more than 320 distribution facilities worldwide.
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