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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 largest food distributor globally, announced the addition of 10 heavy-duty electric tractors to its fleet in Houston, Texas. This milestone brings Sysco's total electric vehicle (EV) count to nearly 120 across the U.S., Canada, U.K., and Sweden. The expansion is part of Sysco's strategy to cut direct emissions by 27.5% by 2030. U.S.-based EVs are deployed in multiple cities including Baltimore, Denver, and Los Angeles. Sysco aims to exceed 130 EVs by the end of June 2024. Both Neil Russell, Chief Administrative Officer, and Dan Purefoy, Chief Supply Chain Officer, emphasized the collaborative efforts and planning that facilitated this growth, highlighting the benefits of reduced carbon footprint, noise pollution, and improved delivery partner experiences.
Sysco announced the arrival of new heavy-duty electric vehicles (EVs) at its Houston distribution facility, marking the first deployment of such vehicles in Texas. The company is expanding its electric fleet across the United States and globally. Sysco's Chief Administrative Officer, Neil Russell, will share updates at a news conference on May 14, 2024. The event will include speeches, a media Q&A session, and hands-on experiences with the EVs. Sysco operates 334 distribution facilities globally, serving around 725,000 customer locations, and reported over $76 billion in sales for the fiscal year 2023. This initiative is part of Sysco's commitment to sustainability and innovation in the foodservice industry.
Sysco (NYSE: SYY) will host an investor day at the New York Stock Exchange on May 22, 2024. Top executives will present, and a live webcast will be available. Sysco is a global leader in food product distribution, operating 334 facilities worldwide with over 72,000 employees. The company generated sales of over $76 billion in fiscal year 2023.
Sysco (NYSE: SYY) announced the appointment of Kevin Hourican as the new Chair of the Board and Chief Executive Officer, following Edward D. Shirley stepping down due to health reasons. The company highlighted Hourican's leadership and vision in navigating challenges, with Larry Glasscock appointed as Lead Independent Director.
Sysco reported positive financial results for its third fiscal quarter ending March 30, 2024. Sales increased by 2.7%, U.S. Foodservice volume grew by 2.9%, and gross profit rose by 5.2%. Operating income increased by 3.8% to $722.0 million, with adjusted operating income up by 8.4% to $799.3 million. EBITDA and adjusted EBITDA increased by 5.4% and 8.5% respectively. EPS increased by 1.2% to $0.85, and adjusted EPS grew by 6.7% to $0.96. Sysco plans to return approximately $2.25 billion to shareholders in fiscal year 2024.
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