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Aging equities

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Sysco Colleagues,

I am pleased to report that we delivered excellent fiscal 2017 results. Our performance was driven by you -- our 65,000 associates -- providing our customers with the products, services and business solutions they need to successfully run their businesses. I am especially pleased with our local case growth performance in the U.S., our overall gross profit growth and our focused expense management throughout the company. Additionally, our Brakes colleagues contributed meaningfully to sales and earnings growth. (See A Look at the Numbers for more detail.)

Some financial highlights for FY17 (on a 52-week comparable basis):
Sales grew 12 percent to $55.4 billion
Adjusted operating income grew 20 percent to $2.4 billion
Adjusted earnings per share increased 20 percent to $2.48
Reflecting on our steadily improving and strong business performance over the past few years, we are consistently executing our customer-centric strategy with a One Sysco approach at a high level. And we are well positioned to deliver disciplined, profitable and sustainable growth.

We aspire to be the most valued and trusted business partner for all of our customers and are committed to delivering on our targeted financial objectives for Sysco's shareholders. We will do so by developing new and refining current strategic initiatives -- such as category management, revenue management, enhanced customer-facing technology and multiple productivity improvement measures -- in our ongoing effort to create competitive advantage. Accelerating, broadening and deepening our customer insights work and attracting and developing highly capable and increasingly diverse leaders and associates are critical to our future success.

This success will be driven by your ongoing commitment to serving our customers at the highest level, in every area of our business. Thank you for your continued contributions and for driving our strong performance through the first two years of our current three-year plan. I am confident that we will achieve the high end of our $600-650 million adjusted operating income growth goal, and we look forward to communicating our new three-year plan for FY18-20 later this calendar year.

In the spirit of looking forward and positioning Sysco well for the future, we recently announced that Tom Bené will become President and CEO, effective Jan. 1, 2018. Tom is a strong, accomplished leader and a most deserving successor. Over the next few months, I look forward to working closely with Tom, together with our senior leadership team, to ensure a smooth transition.

Thank you again for a very successful year.

Bill
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Aging equities

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What it should end with is


"I thank all of the sales force for taking a 15% pay cut and dealing with a lack of execution while we raised equities and raised commission based growth profits so we as executives could make our bonuses."
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Reply with quote  #3 
Meyer Lansky had some great years too. His P & L looked great.
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FSVET

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Reply with quote  #4 
Sysco is changing it's tag line from "Good things come from Sysco" to "shareholders first, last and always".

US Foods is changing "Keeping Kitchens Cooking" to "Keeping shareholders happy".

Both companies will be switching to a salry-plus pay plan so upper management can pay themselves bigger bonuses.

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commoditiesguy

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Reply with quote  #5 
Unfortunately, it doesn't matter what business you're in - if you are a publicly-traded company, the shareholders ALWAYS come first.
Now, that being stated, there are some companies that do understand the value of their employees and that of the customer.
USF and Sysco ain't two of those companies.

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Sidney

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Reply with quote  #6 
Being employed by corporate America is the same as the politics in Washington. Do yourself a huge favor and run like hell away. Your life and lifestyle will benefit greatly.
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atiboy15

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Reply with quote  #7 
Yes Mr. Delaney, at the expense of gouging your customers not just on the front end like "earned income" but now, as well, on the backend like margin movers? Its no wonder 90% of restaurants, other collapse within years of opening their doors!
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atiboy15

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Reply with quote  #8 
Quote:
Originally Posted by Sidney
Being employed by corporate America is the same as the politics in Washington. Do yourself a huge favor and run like hell away. Your life and lifestyle will benefit greatly.
\
Agreed! Corporate Amerika is no place to be these days!
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Reply with quote  #9 
Quote:
Originally Posted by atiboy15
Yes Mr. Delaney, at the expense of gouging your customers not just on the front end like "earned income" but now, as well, on the backend like margin movers? Its no wonder 90% of restaurants, other collapse within years of opening their doors!


Helping to Bankrupt independent restaurant owners is one of the major goals of Sysco, USF etc. 

All income streams must flow to Wall Street financiers while the rest of us become dumbed down "blobs" staring at our IPhone for the next bit of entertainment or porn.


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foodpolitician

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Reply with quote  #10 
Unfortunately, even the independents like mine want to be just like Sysco and USF.  Polishing that resume as fast as I can [smile]
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Sidney

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Reply with quote  #11 
And the demons possessed the herd of swine and all ran off a cliff and drowned. much like the future of foodservice


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