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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 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.
Brakes, the UK's largest foodservice supplier, celebrates providing 10 million meals to FareShare, the UK's leading food redistribution charity. This partnership, which began over a decade ago, has now seen Brakes recognized as a FareShare Leading Food Partner for 2024. Brakes' donations support various charitable organizations, including community centers, school clubs, and hospices.
Paul Nieduszynski, CEO of Sysco GB, highlighted the importance of minimizing food surplus and praised the partnership's role in supporting communities. FareShare's Head of Key Food Partnerships, Lucy Allison, expressed gratitude for Brakes' contributions, emphasizing the positive impact on 8,500 charities and community groups across the UK.
Sysco has committed to providing $500 million worth of food globally, including 200 million meals by 2025, with £10 million allocated to the UK. The partnership with FareShare plays a vital role in achieving these goals.
Sysco (NYSE:SYY) will webcast its presentation from the 2024 Deutsche Bank Access Global Consumer Conference in Paris on June 4 at 5:15 a.m. EDT/11:15 a.m. CEST. The webcast can be accessed at investors.sysco.com, with an archived replay available later. Sysco, a global leader in food product distribution, serves approximately 725,000 customer locations with over 334 distribution facilities. For fiscal year 2023, Sysco reported sales of over $76 billion. Investors are encouraged to check the investor relations section of Sysco's website for key updates, including material information.
Sysco has recognized its global colleagues for their volunteer work in the past quarter. Employees Sunny Bhatia, Jamie Schell, Tim Boldt, and Rohana Kumara were highlighted for their contributions, with Sysco making donations to local food banks on their behalf. Across the company, Sysco employees collectively volunteered nearly 2,700 hours. This initiative aligns with Sysco's mission to connect the world through food and care.
On May 22, 2024, Sysco hosted its Investor Day at the NYSE, detailing its three-year growth strategy. CEO Kevin Hourican outlined plans to enhance core performance and continue its 'Recipe for Growth' initiative.
Sysco aims for 4-6% annual sales growth and 6-8% adjusted operating income growth. Anticipated total return to shareholders is 9-11% per year via dividends. They will leverage merchandising, supply chain capabilities, and international market growth.
Sysco introduced 'Sysco Marketplace' to expand product offerings and facilitate third-party sales. The company focuses on local case growth and independent market share through Total Team Selling.
Sysco (NYSE: SYY) has inaugurated a new 454,000 square foot distribution and culinary center in Northampton, PA, marking its first U.S. Broadline facility in over a decade. This state-of-the-art facility is set to create nearly 250 jobs, enhancing Sysco’s service in the Lehigh Valley, Northeast PA, Poconos, and Northern New Jersey regions.
The center includes a cutting-edge culinary hub for menu testing and development, and customers can benefit from Sysco’s loyalty program, Sysco Perks!, which offers extensive delivery options and industry-leading restaurant solutions worth up to $6,000. The facility will also support Sysco’s Your Way program, providing flexible delivery solutions to local restaurants.
Sysco’s growth strategy includes investments in e-commerce and specialty food divisions, aiming to expand its market reach and customer base. The average wage for job opportunities at the new facility is $75,000 annually, along with comprehensive healthcare and retirement benefits.
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