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Sysco Announces Third Quarter 2023 Financial Results; Kevin Hourican and Kenny Cheung Comment

Sysco Announces Third Quarter 2023 Financial Results; Kevin Hourican and Kenny Cheung Comment


HOUSTON, TX
Friday, May 5th, 2023

How can you tell if your long-term growth strategies are successful? Well, an 11.7 percent increase in sales in one sign. Sysco recently revealed its latest financial report for fiscal year 2022, announcing its sales reached $18.9 billion for the quarter.

Kevin Hourican, President and Chief Executive Officer, Sysco“Sysco delivered another quarter of double-digit, top- and bottom-line growth, inclusive of volume and market share gains,” said Kevin Hourican, President and Chief Executive Officer. “Our supply chain network delivered meaningful, sequential efficiency gains with improvements in retention, productivity, and operating expense leverage. We advanced our Recipe for Growth strategy with progress made with our digital tools and sales and merchandising initiatives. We are driving meaningful returns through our customer-focused work with Sysco Your Way and Sysco Perks. We delivered strong sales growth throughout the quarter, despite some industry softness beginning in March. In an evolving environment, Sysco is best positioned to weather the potential impacts, given our fully diversified business model. We expect our efficiency actions to accelerate, as we continue to invest to win for the long-term health of our business.”

Elevating to 3.4 billion for the quarter, the company’s gross profit also rose by 13.9 percent from the prior year.

In its third quarter 2023 financial report, Sysco revealed that its sales increased 11.7 percent versus the same period in fiscal year 2022, reaching $18.9 billion

Some of the other key highlights from the report include:

  • United States Foodservice volume increased 6.1 percent versus the same period in fiscal year 2022
  • Operating income increased 40 percent to $694.2 million, and adjusted operating income increased 27.8 percent to $735.5 million
  • EBITDA increased 25.8 percent to $885 million, and adjusted EBITDA increased 19 percent to $899.7 million

Kenny Cheung, Incoming Chief Financial Officer, Sysco“Our solid financial results for the third quarter included gross profit growth outpacing operating expense growth, which drove meaningful operating leverage and allowed us to deliver another record quarter of adjusted operating income,” noted Kenny Cheung, Sysco’s Chief Financial Officer. “Additionally, our free cash flow more than doubled to $980 million year-to-date. We also continued our balanced approach to capital allocation, returning cash back to our shareholders with share repurchases and dividends.”

Click here to read the results in full.

More industry updates await you here on the pages of DMN, so stay tuned.

Sysco
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