Sysco Corporation (SYY) Q1 2023 Earnings Call Transcript

For the period ending October 1, 2022

November 1, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Sysco’s First Quarter Fiscal Year 2023 Conference Call. As a reminder, today’s call is being recorded. We will begin with opening remarks and introductions.

I would like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

Kevin Kim – VP-IR

Good morning, everyone, and welcome to Sysco’s first quarter fiscal year 2023 earnings call. On today’s call, we have Kevin Hourican, our President and Chief Executive Officer; Aaron Alt, our Chief Financial Officer; and Neil Russell, our SVP of Corporate Affairs and Chief Communications Officer.

Before we begin, please note that statements made during this presentation, which state the company’s or management’s intentions, beliefs, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act, and actual results could differ in a material manner.

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company’s SEC filings. This includes, but is not limited to, risk factors contained in our Annual Report on Form 10-K for the year ended July 2, 2022, subsequent SEC filings and in the news release issued earlier this morning. A copy of these materials can be found in the Investors section of our website at sysco.com.

Non-GAAP financial measures are included in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides and can be found in the Investors section of our website. To ensure that we have sufficient time to answer all questions, we’d like to ask each participant to limit themselves to one question today. If you have any follow-up questions, we ask that you reenter into the queue.

At this time, we’d like to turn the call over to Kevin Hourican.

Kevin Hourican – President and CEO

Good morning, everyone, and thank you for joining our call. Our Q1 results reflected continued positive momentum in our business to start the fiscal year. Our share gains continued this quarter as we posted sales growth of more than 1.4 times the industry. We delivered double-digit growth in the top line and bottom line of our business.