WASHINGTON (dpa-AFX) - Sysco Corporation (SYY), a foodservice distributor, on Wednesday reaffirmed its fiscal 2027 financial guidance and raised its mid-term growth targets for fiscal 2028 and 2029, while introducing a plan to generate at least $500 million in AI-powered efficiency savings by fiscal 2029.
For fiscal 2027, Sysco continues to expect net sales growth of approximately 6% to 7%, bringing sales to about $90 billion. Adjusted earnings per share (EPS) is expected to grow 9% to 11% to approximately $5.02 to $5.12.
For fiscal 2028 and 2029, the company raised its annualized net sales growth target to approximately 4% to 7%, from 4% to 6%, and adjusted EPS growth to 9% to 11%, from 6% to 8%.
Sysco said the AI-powered efficiency program targets at least $500 million in savings over the next three fiscal years. The company also remains on track to achieve $100 million in net cost savings in fiscal 2027.
The program will focus on supply chain productivity, automation in merchandising and procurement, indirect spend management and simplifying customer experience and back-office operations.
On the NYSE, Sysco shares declined 0.26% to close at $79.84 on Tuesday.
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