Sysco Corporation recently revealed its first quarter fiscal year 2023 results and reported a significant sales lift. The foodservice distributor announced it achieved $19.1 billion in sales for the first quarter, an increase of 16.2 percent compared to the same period last year.
“Sysco began the fiscal year generating double-digit top-line and bottom-line growth, as we effectively managed inflation, increased case volume, and grew market share. We remain on target to grow over 1.35 times the market for the year, as we continue to advance our Recipe For Growth strategy. Our enhanced customer-centric supply chain and selling capabilities will drive long-term returns for our investors,” said Kevin Hourican, President and Chief Executive Officer. “I want to thank our global colleagues for helping us to deliver on Sysco’s purpose of connecting the world to share food and care for one another.”
The United States foodservice operations segment generated strong sales growth, with sales for the first quarter at $13.6 billion, an increase of 17.2 percent compared to the same period last year.
Some other key highlights for the first quarter of the fiscal year 2023, which ended October 1, 2022, include:
As of the end of the quarter, the company had a cash balance of $437.7 million and approximately $10.8 billion of debt outstanding.
“We delivered strong financials for the first quarter by continuing to make progress with our Recipe For Growth while addressing operational improvement opportunities and operating in a dynamic environment,” said Aaron Alt, Chief Financial Officer. “We are upbeat about our business, while remaining appropriately cautious about the macro-environment, and are reaffirming our expectations to grow adjusted EPS by 26–35 percent, to $4.09–$4.39, and to return $1.5 billion to our shareholders during fiscal year 2023.”
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