Sysco Sees Sales Drop in Fourth Quarter, Fiscal Year 2020 as COVID-19 Pandemic Impacts Foodservice
Sysco reported its fourth quarter and fiscal year 2020 financial results on Tuesday.
The company’s U.S. foodservice operations saw a 42.8% decrease in Q4 sales compared to the same period last year, totaling $6.1 billion.
Sysco also noted its gross profit decreased by 45.7% to $1.2 billion, and gross margin decreased 102 basis points to 19.1%, compared to the same period last year.
For its international foodservice business, Sysco noted a 53.4% drop in sales, totaling $1.4 billion for Q4 2020...Full Story »