Sysco Talks Strategic Growth Plan and Fourth Quarter Report; Kevin Hourican Shares

Monday, Aug. 5th, 2024

by Anne Allen

Sponsored Message

Volume :

HOUSTON, TX - Sysco’s long-term growth strategy is one that continues to see success, marked by tactical investments, market share gains, sales increases, and more. The distributor recently shared its financial results for the fourth quarter of fiscal year 2024, unveiling several gains for the 13 weeks ending June 29, 2024.

Kevin Hourican, President and Chief Executive Officer, Sysco — Kevin Hourican, Chair of the Board and Chief Executive Officer, Sysco

“Sysco’s financial performance for the quarter and year included market share gains, strong profit growth, investments in the business, and robust annual cash flow,” said Kevin Hourican, Sysco’s Chair of the Board and Chief Executive Officer. “Our balanced efforts to grow top-line and manage margins enabled us to deliver solid bottom-line results. In addition, we rewarded our shareholders with share repurchases and dividends. I am proud of our team for a steadfast focus on core business drivers, and advancing our strategic initiatives. We remain on track with a specific set of actions that we are confident will positively increase local case performance in the upcoming fiscal year.”

Among the company’s key results for Q4, Sysco reported:

Sales increased 4.2 percent
U.S. Foodservice volume increased 3.5 percent; U.S. local volumes grew 0.7 percent
Gross profit increased 4.2 percent to $3.8 billion
Operating income increased 1.2 percent to $977 million, and adjusted operating income increased 6.4 percent to $1.1 billion
EBITDA decreased 7.7 percent to $1.2 billion, and adjusted EBITDA increased 5.4 percent to $1.3 billion

Sysco shared a look at its Q4 2024 financial results, revealing business investments, market share gains, profit growth, and more

Upon sharing these results, Hourican also pointed to the success of the distributor’s international division.

“I am particularly pleased with our International business, which delivered a 19.4 percent increase in operating income and 23.6 percent increase in adjusted operating income for the year,” he added. “I want to thank all Sysco colleagues for their strong customer focus and hard work in fiscal 2024. We are the leader in the Food Away From Home distribution business because of you, our talented team.”

To dig further into the company’s Q4 results, click here.

Keep reading AndNowUKnow as we bring you the latest industry updates like this one.