Good news comes in the form of a Sysco announcement on this fine Tuesday morning. The foodservice distributor has released its financial results for the 13-week fourth fiscal quarter and fiscal year ended July 1, 2023. From the report, we learned that Sysco achieved record Q4 and full-year sales, operating income, and cash flow with sales at $19.7 billion—an increase of 4.1 percent.
“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 foodservice distribution through advancements with our Recipe for Growth strategy. For the quarter and for the year, the Sysco team delivered another record period of operating income,” said Kevin Hourican, President and Chief Executive Officer.
According to a press release, Sysco’s United States foodservice volume increased 2.3 percent versus the same period in fiscal year 2022—further proving that this segment of the industry is on the rise.
Other highlights from the report, as compared to the same period last year, include:
“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,” said Kenny Cheung, Chief Financial Officer.
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