Sysco Corporation (SYY) Presents at Wells Fargo 8th Annual Consumer Conference Transcript

Edward Kelly
Wells Fargo Securities, LLC, Research Division

All right. Good morning, everyone, and welcome to the Wells Fargo Consumer Conference. I’m Ed Kelly. I cover Staples Retail and Food Service at Wells Fargo. We hope you all have a productive and enjoyable few days out here in California. So kicking off the conference, which is kind of typical, I think, for us now is Sysco. We’re very happy to have you here, and thanks for participating again. Sysco is the leading food service player in the U.S. and in international markets where it competes.

Joining us from the company, are Chairman and CEO, Kevin Hourican as well as CFO, Kenny Cheung. Kevin Kim from Investor Relations is also in the audience here. But I think just to kick things off, Kevin, I think you wanted to just make a few comments, and then we’re going to get into some Q&A. And if we have time at the end, we’ll open it up for anyone in the audience.

Kevin Hourican
CEO & Chairman

Okay. Great. Good morning, everyone. I appreciate your joining in the room. Ed, thank you for hosting and to the Wells team for inviting us back. For those that joined virtually, we appreciate your interest and participation. So as Ed said, we’re the #1 player in what we call the food away-from-home space. That’s both domestically and internationally. We’ve produced $81 billion of top line revenue this past fiscal year that ended on June 30, 60% restaurants, 40%, what we call noncommercial, which is hospitals, education, government facilities, sporting venues, business industry and the like. The important point on the 40% is we call those less recession impacted. So those