The distribution sector is booming with growth, and for one company especially. Sysco recently released its fourth quarter and fiscal year 2022 results, revealing a $17.3 billion sales boost from last year’s $51.3 billion to $68.6 billion. Headlined by this 33.8 percent increase in sales, the company’s growth reportedly outpaced the United States market by more than 1.3 times for the full year.
“Sysco generated another quarter of top-line and bottom-line improvements, topping off a strong year of financial performance, especially given the environmental conditions. This included growing more than 1.3 times the market for the year and exceeding fiscal 2019 operating income for the quarter by 6.4 percent. The strong financial performance was delivered while simultaneously investing in our Recipe For Growth strategy. We are delivering new commercial capabilities and accelerating growth in a way which will pay long-term returns for Sysco and our investors,” said Kevin Hourican, President and Chief Executive Officer. “I want to thank our associates around the world for their continued hard work and customer centricity.”
Some of the other key highlights for the full year outlined in the report include:
“Sysco delivered strong financial results, growing volumes and sales, effectively managing double-digit inflation, and improving profitability, all while also strengthening our balance sheet and returning $1.5 billion to our shareholders. We have many reasons to be upbeat about our business. While keeping a careful eye on macro-economic developments, we expect to grow adjusted EPS by 26 to 35 percent, or $4.09–$4.394, for fiscal year 2023,” said Aaron Alt, Chief Financial Officer.
To view the report in its entirety, click here.
More financial and strategic updates are sure to hit the pages of Deli Market News, so keep an eye out.