Sysco Corporation today announced financial results for its 13-week first fiscal quarter ended October 1, 2022.

Highlights for the first quarter of fiscal year 2023 include:

  • Continued market share gains and volume growth;
  • Gross profit per case improved;
  • Double-digit profit growth; and
  • Continued investment for growth and return of capital to shareholders.

“Sysco began the fiscal year generating double-digit top-line and bottom-line growth, as we effectively managed inflation, increased case volume and grew market share. We remain on target to grow over 1.35 times the market for the year, as we continue to advance our Recipe For Growth strategy. Our enhanced customer-centric supply chain and selling capabilities will drive long-term returns for our investors,” said Kevin Hourican, Sysco’s president and CEO. “I want to thank our global colleagues for helping us to deliver on Sysco’s purpose of connecting the world to share food and care for one another.”

Key financial results for the first quarter of fiscal year 2023 include:

  • Sales increased 16.2% versus the same period in fiscal year 2022;
  • U.S. Foodservice volume increased 7.3% versus the same period in fiscal year 2022;
  • Gross profit increased 17.4% to $3.5 billion, as compared to the same period last year;
  • Operating income increased 16.3% to $734.3 million, and adjusted1 operating income increased to $770.3 million, as compared to the same period last year;

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased to $908.0 million, and adjusted EBITDA increased to $916.9 million, in each case as compared to the same period last year. Earnings per share (“EPS”) increased to $0.91, as compared to $0.73 in the same period last year. Adjusted EPS increased to $0.97, as compared to $0.83 in the same period last year.

“We delivered strong financials for the first quarter by continuing to make progress with our Recipe For Growth, while addressing operational improvement opportunities and operating in a dynamic environment. We are upbeat about our business, while remaining appropriately cautious about the macro-environment, and are reaffirming our expectations to grow adjusted EPS by 26% - 35%, to $4.09 - $4.39, and to return $1.5 billion to our shareholders during fiscal year 2023,” said Aaron Alt, Sysco’s chief financial officer.

Read the complete release here.