Sysco Corporation is the world’s largest distributor of food and related products, primarily to the foodservice or out-of-home dining industry.
The company provided products and related services to more than 650,000 customer locations, including restaurants, educational and health care facilities, lodging establishments and other food service customers during fiscal year 2021.
Their purpose in one sentence: «Connect the world to share food and take care of each other.»
Founded in 1969, Sysco began operating as a public company in March 1970 when shareholders of nine companies exchanged their stock for Sysco common stock.
Since its formation, the company has grown from $115 million to $60.1 billion in annual sales in fiscal 2019, both through internal expansion of existing operations and through acquisitions.
Sysco’s annual sales in fiscal 2021 were $51.3 billion.
Sysco
The company estimates that it serves about 17% of the approximately $230 billion annual foodservice market in the United States, as estimated by Technomic, for calendar year 2020.
Technomic projects the market size to rise to $285 billion by the end of calendar 2021.
Sysco also serves certain international geographies that vary in size and amount of market share.
Based on industry trade data, the consumer company estimates that its sales to the U.S. and Canadian out-of-home dining industry were the highest of any foodservice distributor during fiscal 2021.
It believe its competitive advantages include its sales consultants; its diversified product base, including quality-assured Sysco brand products; the reliability of its service; the ancillary services that it provide to its customers, such as business reviews and menu analysis; and its multi-regional presence in North America and Europe, combined with a large geographic presence of multi-temperature warehouses, which mitigates some of the impact of regional economic downturns that can occur over time.
On a year-over-year basis, Sysco’s sales fell 3% in fiscal 2021, to 51,298 million dollars, while compared to 2019 they decreased 14.7 percent.
Its net profit was 534 million dollars in fiscal year 2021, which represented an increase of 144% over 2020, but a decline of 68.7% over 2019.
