Sysco Unveils Fourth Quarter and Full Year 2023 Results; Kevin Hourican and Kenny Cheung Comment
HOUSTON, TX - In a recent report, Sysco announced the financial results for its 13-week fourth fiscal quarter and fiscal year ended July 1, 2023, recording record Q4 and full year sales, operating income, and cash flow. The report outlined that sales for the fourth quarter were $19.7 billion, an increase of 4.1 percent compared to the same period last year.
“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:
- Gross profit increased 7 percent to $3.7 billion
- Operating income increased 26.5 percent to $969.4 million, and adjusted operating income increased 16.9 percent to $1 billion
- Sysco delivered the highest Q4 adjusted operating income on record, which was 25 percent higher than the same period in fiscal year 2019
- EBITDA increased 33.2 percent to $1.3 billion, and adjusted EBITDA increased 14.4 percent to $1.2 billion
“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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