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Sysco has published its annual report for 2023, featuring detailed sections on various aspects of the company's business. This comprehensive report provides insights into Sysco's operations and financial performance during 2023.
The company supplied an array of products for the fiscal year of 2023, a 52-week year ending on July 1, encompassing frozen and canned foods at 19%, fresh and frozen meats at 18%, frozen fruits, vegetables, bakery and other items at 15%, dairy products 11%, poultry 10%, fresh produce 9%, paper and disposables 7%, seafood 4%, beverage products 3% and other items 4%, according to the report.
"Throughout the past fiscal year, we have proven our ability to build on our strong historical financial performance with record-breaking results. In fiscal 2023, we grew annual sales by 11.2% to more than $76.3 billion and saw the highest full-year adjusted operating income on record. The performance of both our U.S. and International teams advanced total company sales growth by $7.7 billion for the year or $8.6 billion on a constant currency basis. That sales growth is the equivalent of creating a net new Fortune 500 company. I am very proud of the work our colleagues have done to increase profitable revenues and drive operational efficiency," Kevin Hourican, president and CEO, said.
The report states that the rise in operating income by $213.4 million in fiscal 2023, compared to fiscal 2022, can be mainly attributed to the sustained growth in sales volumes and deliberate actions taken to enhance gross profit while effectively controlling operating expenses.
"Our strong top and bottom-line results enabled Sysco to return $1.5 billion to our shareholders through both dividends and share repurchases. The strong free cash flow and disciplined financial management enabled Sysco to end the year at 2.5x net debt to adjusted EBITDA, achieving the low end of our target ratio," Hourican said.