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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), the world's largest food distributor, has announced the appointment of Roberto Marques to its Board of Directors, effective August 15, 2024. Kevin Hourican, Sysco's chair of the board and CEO, welcomed Marques, highlighting his extensive experience in global, consumer-focused businesses across healthcare, food, and beauty sectors.
Marques currently serves as a Board Director at Alcoa , We Mean Business Coalition, and the US Tennis Association Foundation. From 2016 to 2022, he led the expansion and transformation of Natura & Co. as Executive Chairman and Group CEO. His prior experience includes executive roles at Mondelez International and a 25-year tenure at Johnson & Johnson.
Sysco (NYSE:SYY), the global leader in food product distribution, has announced a quarterly cash dividend of $0.51 per share. This dividend will be payable on October 25, 2024, to stockholders of record as of October 4, 2024. Sysco serves approximately 730,000 customer locations worldwide through its 340 distribution facilities and 76,000 colleagues. For the fiscal year 2024, ending June 29, 2024, Sysco reported sales exceeding $78 billion. The company's product range includes food products and equipment for the foodservice and hospitality industries. Sysco emphasizes its commitment to sustainability and diversity, with recent reports available on their website.
Sysco has been recognized as one of Forbes' 2024 Best Employers for New Graduates. This prestigious accolade is based on a survey conducted by Forbes and Statista, which evaluated young professionals' opinions on various aspects of their employers. The survey covered key factors such as compensation, benefits, advancement opportunities, working conditions, flexibility, company image, and inclusion.
Sysco, the global leader in food service, emphasizes the importance of creating a workplace where employees feel valued, connected, and heard. This recognition underscores Sysco's commitment to fostering a supportive, fair, and inclusive work environment that not only attracts new talent but also invests in their career growth and retention.
Sysco (NYSE: SYY) reported its Q4 and full-year 2024 financial results, showing sales growth of 4.2% to $20.6 billion in Q4 and 3.3% to $78.8 billion for the full year. Q4 highlights include:
- U.S. Foodservice volume increased 3.5%
- Gross profit rose 4.2% to $3.8 billion
- Adjusted operating income grew 6.4% to $1.1 billion
- Adjusted EPS increased 3.7% to $1.39
For fiscal year 2024:
- Operating income increased 5.4% to $3.2 billion
- Adjusted EPS rose 7.5% to $4.31
- Cash flow from operations grew 4.2% to $3.0 billion
- The company returned $2.2 billion to shareholders via share repurchases and dividends
Sysco's CEO highlighted market share gains, strong profit growth, and robust cash flow for the year.
Sysco has launched One Planet. One Table., a collection of over 3,500 sustainably-focused products in response to growing consumer demand. This initiative, introduced in November 2023, offers items backed by leading sustainability certifications or standards, ranging from grass-fed beef to eco-friendly disposables.
Neil Russell, Sysco's SVP and Chief Administrative Officer, noted that customers are increasingly seeking sustainable products to meet their own commitments and consumer expectations. This move aligns with the growing interest in food sourcing and production methods.
The initiative aims to make it easier for Sysco's customers to find and purchase products that align with their values and meet consumer demands for sustainability.
Sysco has responded to Hurricane Beryl's impact in Houston with significant donations to support relief efforts. The company delivered over 23,000 bottles of water, 8,000 bags of chips, 10,000 pieces of fruit, and 6,000 servings of juice to cooling centers at West Gray and Southwest Multi-Service Centers. Sysco Houston also contributed to disaster relief organizations, including four pallets of disposable products to Mercy Chefs and ongoing donations of perishable foods and supplies to the Houston Food Bank.
The company worked alongside city leaders, including Mayor John Whitmire, Congresswoman Lizzie Fletcher, and Council Member Abbie Kamin, to provide relief. Sysco's efforts align with their purpose of connecting the world to share food and care for one another, demonstrating their commitment to the Houston community during this challenging time.
Sysco hosted a Customer Appreciation event at its Global Support Center, featuring Philly Flats, a local Houston food business owned by Scott Boyer, a retired Marine cook. Boyer's journey with Sysco began in 2018, and since then, Philly Flats has experienced significant growth, including menu expansion, securing a spot at NRG stadium, and opening a storefront in Katy, Texas in 2023.
The event showcased Boyer's renowned dishes and highlighted the benefits of Sysco's customer loyalty program, 'Sysco Perks!'. Sysco Sales Consultant Nicolette Clarke was recognized for her role in helping Philly Flats optimize its menu and enhance its market presence through social media campaigns. This event underscored Sysco's commitment to fostering strong partnerships with small business owners and supporting their growth.
Sysco (NYSE:SYY) will announce its fourth quarter and fiscal year 2024 financial results on Tuesday, July 30, 2024, at 10 a.m. EDT. The results will be discussed during a conference call and webcast available at investors.sysco.com. A news release and slide presentation will also be posted in the investor relations section of their website prior to the call. A replay of the webcast will be available shortly after the live event. Sysco, a global leader in food product distribution, generated over $76 billion in sales for fiscal year 2023. The company operates 334 distribution facilities worldwide, serving approximately 725,000 customer locations.
Sysco has donated a total of $20,000 to support relief efforts following recent storms and floods in Texas. The company contributed $10,000 to the American Red Cross during their telethon and another $10,000 to the Houston Food Bank. Additionally, employees at Sysco's Global Support Center collected and donated shelf-stable, healthy food items, and decorated lunch bags for Kids' Meals, Inc., a local non-profit affected by power outages in Houston.
Sysco received the 'In It for the Long-Haul' Award at the 2024 Alternative Clean Transportation (ACT) Expo for its efforts in reducing emissions and commitment to sustainable transportation.
At the ACT Expo, Sysco's Senior Vice President and Chief Supply Chain Officer, Dan Purefoy, joined other industry leaders like IKEA and DHL in a panel discussion. They discussed global sustainability strategies and Sysco's electric vehicle journey, highlighting the company's role in fleet electrification.
This recognition underscores Sysco's dedication to environmental sustainability in its global supply chain.
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