The 2011 Annual Report

TO OUR SHAREHOLDERS

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Now, more than ever, our commitment to serving our customers is directly linked to our success. The market environment in fiscal 2011 was challenging, marked with increasing food cost inflation and modest growth as the economy continued its choppy and uneven recovery. Yet our ability to listen to and meet our customers’ needs allowed us to grow our share of the foodservice distribution market during the year.

That customer commitment, combined with an emphasis on improving productivity in all parts of our business and a strategic approach to investing for future growth, are the keys to Sysco’s success in carrying out its mission of marketing and delivering great products to our customers with exceptional service.

Our sales for fiscal 2011 were $39.3 billion, an increase of 5.6 percent compared to the prior year. Our fiscal year 2010 included an extra week of operations; adjusting for that anomaly, this year’s sales increased 7.7 percent. Earnings per share (EPS) declined slightly to $1.96 for the year, but after adjusting for certain special items, including the extra week in the prior year, EPS grew 4.2 percent. During the year, we maintained a strong return on invested capital of 17 percent, increased our dividend per share and returned nearly $600 million in dividends to our shareholders. These results are a testament to our customer focus and financial discipline.

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  • Our Five Point Strategy
  • Executing Our Strategy
  • Key Financial Metrics
  • Profoundly enrich the experience of doing business with Sysco
  • Continuously improve productivity in all areas of our business
  • Expand our portfolio of products and services by initiating a customer-centric innovation program
  • Explore, assess and pursue new businesses and markets
  • Develop and effectively integrate a comprehensive, enterprise-wide talent management process
  • Optimize the Core:
  • Invest in our core business
  • Increase customer retention
  • Transform our business
  • Reduce operating costs
  • Execute fold-in and regional acquisitions
  • Expand the Core:
  • International growth
  • Sysco Ventures
  • Adjacencies
  • Enable Growth:
  • Enhance development of human capital
  • Optimize financial capital structure

(FY2011)

$1.2 billion
Net Earning

$597 million
Dividends Paid

$1.9 billion
Operating Income

$39.3 billion
Sales

“That customer commitment, combined with an emphasis on improving productivity in all parts of our business and a strategic approach to investing for future growth, are the keys to Sysco’s success in carrying out its mission of marketing and delivering great products to our customers with exceptional service.”