Sysco: Reports Record Q4 and FY-2023 Results

Houston / TX. (syy) Sysco Corporation, a leading global foodservice distribution company, announced financial results for its 13-week fourth fiscal quarter and its fiscal year ended July 01, 2023. President and Chief Executive Officer Kevin Hourican: «Sysco delivered another quarter of solid sales, volume and market share gains. Our actions to improve efficiency continued in the fourth quarter with sequential improvements in supply chain productivity and additional cost outs, delivering meaningful operating expense leverage. We further advanced our competitive advantages as the global leader in food service distribution through advancements with our Recipe for Growth strategy. For the quarter and the year, the Sysco team delivered another record period of operating income. Strong profitability, size and scale advantages, and balance sheet health position Sysco for growth to continue into fiscal 2024 and beyond.»

Chief Financial Officer Kenny Cheung: «Our strong finish to the year, included record performance in the quarter and full year, further illustrating the resilience of Sysco and reinforces our Recipe for Growth strategy is yielding dividends. Our solid financial results included top-line and bottom-line growth, record free cash flow for the year, and achievement of our target net debt ratio, which improved to 2.5 times. Improved productivity drove operating expense leverage, resulting in strong bottom-line margin expansion. Looking ahead, we plan to drive continued productivity gains. Adding to our track record of balanced capital allocation, we rewarded our shareholders by returning approximately USD 1.5 billion of cash during the year.» For additional information please read the PDF file below (335 KB):