hope you staying joining our everyone. And earnings and morning, your healthy thank third call. this safe and during and for XXXX are Neil, time. you you, good Thank families quarter fiscal that I we
our and world business associates, will a company wellbeing and leaders the as first As our operating as of this health our our and customers shareholders. manages be rapidly-changing priority environment, the through
we that to normal remarks content amount you. with Our the longer of want be today to than will due share prepared
and long-term turn this Sysco. you how response leaders discussing My who’ll spend call, over is of discuss for to these Sysco’s inform crisis COVID-XX the manage I’ll both and are morning’s as on today we the the that It horizons. for comments I’ll simultaneously Company rapid will During short-term we also important success. time positioning extraordinarily time success to further it results provide quarter the Sysco’s of updates. financial for then Joel, and third long-term
we Q&A I’ll of Lastly, make before few the remarks closing section complete the a agenda.
long emerge ability assure you, weather As I this to begin an with financial storm entered the taken ensure to we strengthen strong than to balance we and COVID-XX our our important for enable and stronger takes. remarks, crisis our let sheet, We cash to me ability liquidity have extremely my the have ever. as as crisis it further position, the during steps helping
to we environment, response focus. have key identified current four of the In areas
First, to swift we liquidity. our overall strengthen have further taken action
have to we mentioned, our with additional provide and a I flexibility. us in strengthened we position entered As crisis liquidity strong this
this share available capability to and will liquidity investment unprecedented allows the Sysco had invest also There foodservice. customer the I as to am opportunity. upon ability of be levels profitably this has crisis the financial will win be gains competitive demand and during Sysco in and to to built inventory have unfolds, flexibility that and financial us market survivability $X new an cash but return confident on not more of enable will than capitalize service to profitable for We customers. that have billion only crisis,
system. by costs removing focused the Second, on we business are stabilizing the from
shelter-in-place social moment declined orders distancing significantly are we is It a society. to issued. that of our the the March, shelter-in-place practicing good the The curve. thing were business end helping from are Towards the as flatten orders a
With we the that segments restaurant, on and hospitality had significant education that social customer distancing said, serve. orders a impact have
result, a we reduce of our in to level quickly volume. As match expenses needed business order the lower to
swift downturn. force. XX% fiscal XXXX includes has to million In reduce taken the Our removed quarter reductions business, expenses in than permanent workforce leadership staffing of fourth this during temporary by furloughs costs our levels the have more to decision and of from action alone, team difficult the $XXX which we approximately reduce through
and Additionally, driven operating implementing substantially our companies. our have productivity we in miles rerouting by improvements fleet reduced transportation
leverage structural without leaner, Sysco, benefits how be compromising will stronger will will a of in and these realized to an is of changes approximately of more annualized QX service example of be agile, of quality. technology and the fiscal The deliver changes We begin million. benefit will changes those we one version XXXX improvements or permanent to implement This $XXX post-COVID-XX.
are significant, fourth while reductions, the fiscal experiencing. In decreases of be volume top-line sales the quarter will we offset expense by XXXX, that than the more
projects. Additionally, only projects like purchases, transformational they on expenditures been to fleet Physical we expansions, capital reduced business-critical have hold. have put building
will capabilities investments win will CapEx allow improve that things those Our market focus share to and us in will on Sysco’s the future.
planned. team inspire in term that efficiency. reduce effectiveness capabilities our force sales force narrower ordering a digital technology versus Shop tool our that customers the and pricing include friction more investments our and allow pace sales a tool, of purchase selling accelerate which increase on of sales to selling the strategic Combined, spend us increasing Sysco set improve and increase we improve initiatives, of is of our customer of will implementing change enable capability the long complete these customers, we the projects at for simultaneously purchasing these in will efforts our margin rapidly to than and effectiveness time of tool our tasks. visit consultative the and will of can platform, force our management the the to environment. percentage more more sales on from will of focusing key These Examples will their improving previously Sysco, administrative By
customers. to trends offers will basic from customers. example week. weekly, business will streamlined capability our These introduce The suggested orders intersection this items, they the customers personalized, offers more but An buy These is unmatched popular Sysco’s existing items customer. vast the that development our more would of a deals order be a of also the between include individual ongoing of improvement and we’ll will scale to a relevant and garner be company, new for marketplace. As the personalized creates purchasing in even we
leverage now better and will we that our developing capabilities. are now advantages developing We centricity we differentiating customer scale are
place pivoting business the foodservice serves this new during working support are to leverage that crisis opportunities exists the purchases retail current consumption and the Sysco channel. away-from-home, the COVID-XX took shifted to pandemic, place our the broad of inside grocery spectrum U.S. that and Prior within food industry. to and COVID-XX roughly took upside other of half Third, we the and has more obviously a home. customers. half of balance diligently capturing by new the tilted
we pivoted include have new we As and sectors model distribution grocer supply that serve partnerships, a retail, to essentially chain our pre-COVID. not result, did
the evolving and agile meet and supply in of through We customers an of labor the are rapidly chain needs working with best retail both, communities world our the manner partnerships. to companies service some in
chain sales the to retail to national stores demand Over and due Sysco a of shifts shifted has within regional economy. the at strain in retailers alleviate past to several and help food in products weeks, surge supply the
some A wins. brief highlight of of these
for Xst, recently submitted in And our Program. food the the bid on for across we meal with behalf to to supply are service regions U.S., of need Food We In of thank much-needed the insecure kits we food than partnering food are partner We May FEMA In and the the week USDA. the communities would communities government those the in outreach provide working we to in we global in per various as government UK, support farmers with the the XXX,XXX to agencies chain. their through need need. are the these USDA Coronavirus also to we of fresh that version with to like food more provide and DEFRA, Assistance UK’s communities. as in authorities shipping the participate
has of to become retail products Sysco grocers. a supplier
shipped have bulk partners. We fresh of consumables to hundreds and protein, of product truckloads retail select
nature majority partnerships to to staying in We potential of power. the for this have work select expect be transitory the with
increased to our support customers. of level have healthcare our We
have including PPE Our products, increased of XX% to care to sales roughly XX% we healthcare segment for and hospitals, critical deliveries as long-term urgent facilities continue arrange to facilities. care
for We are manner in safe customers. healthcare our delivering associates a and those
better proud frontline to are health. we their workers these to dedication and We salute healthcare support
capabilities. regional offering logistic the use Over brokerage. freight contracts carrier and national logistics services now vast contracts have signed with of provide services, logistics the cross-docking side, companies as Sysco’s been such Sysco fleet transportation to supply chain is On and XX third-party through and service
for lastly, into furloughed members agreements to call temporary returns. as Sysco And provide soon opportunities and Sysco our them team providing to entered select our is Sysco This has volume action back associates. with of enables work labor-sharing as retailers for work
Our is providing highly to retail. assistance needed much skilled labor
transform market. leadership Chain from in sector. by longer I’m Xth, I experience managed Robinson work that worked. brings direct the that collaboratively has the our which our the of confidence team as last chain be Marie supply distribution April she Chief of Marie term a goes will food our substantial complex we position initiatives industries of be She apparel Many Furthermore, department has set with have will decades Supply spoke. chain our addition tremendous we the of team strategic Officer to announce filled we our and supply a will important pleased logistics to On to international networks, rest and experience from Sysco in diverse to to have time has we welcomed Sysco. she full Sysco. how led
retail new good our our rapidly-evolving declines the and not opportunities if the This proud are to partners our offset you important our will, our core these fight, to that to work space. in in quickly culture serve is agility, environment, a within are volume food-away-from-home note business. we to show It adapt downturn to during ability the logistics and while shows opportunities and significant do
is our mistake, we year. Make risk struggling prior I business decreases the substantial The serve. now excited part of our help of to customers to that most about small restaurant hundreds At be with upside within volume of are driving no our successful. right work core thousands efforts is the business customers am food-away-from-home
food am industry more now, that the in steps position taking proud leadership ever everything doing restaurant distribution time. our to customers our take and customers. very of we this new are to than help And seriously. before, we difficult possible during both, are Sysco, we the existing serve At I
more assortment meats Knows Fresh, product produce, delivering is products and that seafood, specialty including an expansive and includes items. refrigerated fresh dairy Sysco solutions, Sysco and
on count across succeed Sysco to for times. business, our during lines all offerings. open product to business they XXX% want of especially challenging and We food are can them customers innovative help We with know these
maintain with keeping business need helping seamless We enable to crucial in delivering developed our business selling keep remain are operations. we essentials, and which bundle Package, takeout COVID customers call to paper introduce it and critical of clean. it on to products. We containers, stock our pivot their bundled By quickly These and products, combination all PPE. a are of takeout Focus-XX in these features goods COVID-XX these customers to them cleaning a that customers. leveraged kitchens and to safe We stock Shop our delivery goods and helping platform solutions our our their
Many do other delivery assisting for helped tools, partners of COVID-XX. takeout have develop menu have development to delivery, home tips, website and traffic, digital drive this outbreak while of been in-house. thousands and design, customers ancillary to of helping smaller during our solutions customer engagement unique platforms and environment. these with capabilities Sysco’s such considerations services provide increased not go throughout the that solutions We provide the containers as and also
for Act training customers taught offering XX funds we and businesses what them help a to used apply during help small their retain hours, CARES the customers loans these be employees their are our and navigate this business. webinars able pandemic. to training running We for small help built are in programs supporting the to under educational them In to and webinar
like for sessions. training is Actions important is customers Sysco future. Our to ensure delivering the partnerships sales great a this long our our team how join actively products. these steadfast us will not invited solutions, into customers just example with It of food-related
increase pop-up helped shops, have dining names restaurants shops condiments, pop-up or two like jobs. includes for bread, only traffic shop of create into helping marketplaces than less essential towels. pantry weeks, product sales or protect communities, for product customers and items but restaurant These industry toilet and In paper eggs, the which are can grocerants additional they’re lots it, transforming of we where areas thousands paper also helping not
our at end improving has the to restaurant week-over-week We customers of mark are it been volume low that hit since sequentially pleased see to March. the
our know At Sysco, business and pandemic. and us helping help in are that win the their their retain stay from activities we business these business, additional transform run customers will them business. We well-beyond
helping restaurant to Sysco business started customers, out direct-to-consumer addition our in pre-COVID. participate sales in we not that of area In rolling has did
have and through direct FreshPoint can Sysco’s sell to be produce Canada, held onthefly.com home. direct to and and several the U.S. their consumers. events specialty companies in Meat which Furthermore, meat Buckhead delivered new Our steaks consumers to websites within Sysco@HOME purchase restaurant-quality pop-up
logistics the ordering. locations product started offer our boxes, the can directly from customer’s delivered space, the have offering, If within front third-party operating of one and services door. product customer our lastly, a to And featuring pick-up we We purchase through specialty from box physical to with of produce web-enabled have meal partnered a they pre-packaged will straight prefers, call themselves. opportunities companies consumer
running. learning does simply not these serve supply are in and supply initial the work our concepts and customers to country chain put, food Because, keep in We opportunities food are without the these lot Sysco. learning this better direct-to-consumer chain a leveraging we
what Finally, key internally the match suppliers with this business planning. levels talk would snapback our that we’re post-COVID-XX. success, supply chain inventory as Integrated ensure work customers I will as the includes following recovery. The snapback ensure about planning key planning like Sysco’s our our leadership refer to We a team to and items: to to doing
strong Our to and customers as suppliers for during with the stay stock our recovery customers. net win also will relationships Sysco enable in period key we new
is this of sales also our We transformation are of work example go-to-market initiatives. accelerating key strategic An the structure.
with our sales the our are more increasing our focused, more sales We and objectives the transforming of of our incentives structure teams of closely business sales to the multiple aligning lines partnership force business. across be
distribution for the as the Sysco that provider demand positioned has properly stands ready returns. food-away-from-home, once
have to will others that capacity made to Sysco business. allow replenish their strong level on capitalize the full the balance sheet will begin have when are to rising and will to same meet customers liquidity more-than-enough We rapidly a upside to of reopen that When strength. invest its winning to new have us not demand, restaurants, deliveries time on and ensure by inventory the our in
economic of won are new SYGMA opportunities the incumbent share fact, as In already challenges. emerging business as a substantial confronted distributor piece
our on team is down focus. Currently, their customer sales doubling
prospecting We better of are focused new on a combination ones. both, serving our customers and
customers the are be to XXX% new be new share. served creates We confident, profitable will as crisis profitable there opportunities to gain
We ready we food-away-from-home return of demand valued to be return enable will confident business time are partner. demand over that continue stand customers’ our we that for to and also most as
value-added combination win liquidity, through a relationships. will agile business a the fuel Sysco in decisions marketplace of and business strong that partnerships
during prospecting Sysco’s the COVID-XX our of net combination more XXX-plus-billion-dollar cultivated the that have are customers the and trust increase the our within we crisis, of accelerating through with market the we sector, paired will from We We new expect that post-COVID. winning will enable the for existing partnership customers business improvements financial with capability company food-away-from-home our strains coupled long-term. share this that during success of believe the
line we along final will finish turn Joel After to discuss environment. details it to around I’ll QA, Company. our perspective over offer the who regarding third results our business to on over financial come additional you. the quarter with a Joel, back Now, would I
