西斯柯 (SYY) 2026 Q1 法說會逐字稿

Hello and welcome to Sysco's first quarter fiscal year 2026 conference call. As a reminder, today's call is being recorded. We will begin with opening remarks and introductions. With that, I would now like to turn the call over to Mr. Kevin Kim, Vice President of Investor Relations. Please go ahead, sir.

大家好，歡迎參加Sysco 2026財年第一季電話會議。再次提醒，今天的通話將會被錄音。我們將從開幕致詞和介紹開始。接下來，我將把電話交給投資人關係副總裁凱文金先生。請繼續，先生。

Good morning, everyone, and welcome to Sysco's first quarter fiscal year 2026 earnings call. On today's call, we have Kevin Hourican, our Chair of the Board and CEO; and Kenny Cheung, our CFO. . Before we begin, please note that statements made during this presentation that state the company's or management's intentions, beliefs, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act and actual results could differ in a material manner.

各位早安，歡迎參加Sysco公司2026財年第一季財報電話會議。在今天的電話會議上，我們有董事會主席兼執行長 Kevin Hourican，以及財務長 Kenny Cheung。。在開始之前，請注意，本次演講中提及的公司或管理層的意圖、信念、預期或對未來的預測均為《私人證券訴訟改革法案》意義上的前瞻性陳述，實際結果可能與這些陳述存在重大差異。

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes, but not limited to, risk factors contained in our annual report on Form 10-K for the year ended June 28, 2025, subsequent SEC filings and in the news release issued earlier this morning. A copy of these materials can be found in the Investors section at sysco.com. Non-GAAP financial measures are included in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides that can also be found in the Investors section of our website. During the discussion today, unless otherwise stated, all results are compared to the same quarter in the prior year.

有關可能導致實際結果與前瞻性聲明中所述結果存在差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件。這包括但不限於我們在截至 2025 年 6 月 28 日的年度 10-K 表格年度報告、後續提交給美國證券交易委員會的文件以及今天早上發布的新聞稿中所包含的風險因素。這些資料的副本可在sysco.com網站的「投資者」欄位中找到。非GAAP財務指標已包含在我們的今日發言和簡報中。這些非GAAP指標與相應的GAAP指標的調節表包含在簡報的末尾，也可以在我們網站的投資者關係部分找到。在今天的討論中，除非另有說明，所有結果均與去年同期進行比較。

To ensure we have sufficient time to answer all questions, we'd like to ask each participant to limit their time today to one question. If you have a follow-up, please, we ask that you reenter the queue. At this time, I'd like to turn the call over to Kevin Hourican.

為了確保我們有足夠的時間回答所有問題，我們希望每位參與者今天只提一個問題。如果您還有後續問題，請重新排隊。此時，我想把電話交給凱文霍里坎。

Good morning, everyone. We appreciate you joining our call today. I'm pleased to report that Sysco delivered a strong financial quarter to start fiscal 2026 with solid performance on the top and bottom line. Most importantly, we have inflected positive in our US Broadline local business, and we are building momentum in our local business across the board. During our call today, we will share insights into the progress that we are making and highlight key growth initiatives that are fueling our performance improvement.

各位早安。感謝您今天參加我們的電話會議。我很高興地報告，Sysco 在 2026 財年伊始便取得了強勁的財務業績，營收和利潤均表現穩健。最重要的是，我們在美國綜合業務的在地化進程中取得了積極進展，並且我們正在全面提升本地業務的發展勢頭。在今天的電話會議上，我們將分享我們正在取得的進展，並重點介紹推動我們業績提升的關鍵成長舉措。

After my update on our business progress, Kenny will highlight our financial results, and he will communicate why we are confident that we will deliver our full year financial guidance. In fiscal 2026, we plan to deliver profitable growth across USFS, International and our SYGMA segments, even in a macro backdrop that is less than compelling. So let's get started with our financial results on Slide 4. In Q1, we exceeded our financial plan and delivered our second consecutive beat relative to consensus expectations. For the quarter, our strong performance was driven by volume improvement, coupled with expanded gross margins and solid expense control. Most importantly, in the quarter, our local volumes improved sequentially every month of the period.

在我報告公司業務進度後，Kenny 將重點介紹我們的財務業績，並闡述我們為何有信心實現全年財務目標。2026 財年，我們計劃在 USFS、國際業務和 SYGMA 業務板塊實現盈利增長，即使在宏觀經濟形勢不太樂觀的情況下也是如此。那麼，就讓我們從第 4 張投影片開始看財務表現吧。第一季度，我們超額完成了財務計劃，並連續第二個季度超越市場預期。本季度，我們強勁的業績得益於銷售成長、毛利率擴大以及有效的成本控制。最重要的是，本季我們的本地銷售每個月都逐月成長。

During the quarter, our rate of local volume improvement was more than 2x the overall industry traffic rate of improvement. The positive inflection versus industry traffic was the strongest in September, Once again conveying the progress that we made throughout the quarter. Our Q1 results were driven by sales growth of 3.2% on a reported basis and up 3.8% to last year when excluding the divestiture of Mexico. Gross profit grew 3.9% and adjusted EPS grew 5.5%.

本季度，我們的本地客流量成長速度是整個產業客流量成長速度的兩倍以上。與行業流量相比，9 月的積極轉折點最為明顯，再次表明我們在整個季度中取得了進展。第一季業績主要得益於銷售額成長，按報告數據計算成長 3.2%，若不計剝離墨西哥業務的影響，則比去年同期成長 3.8%。毛利成長 3.9%，調整後每股盈餘成長 5.5%。

Our financial outcomes were anchored by another compelling performance from our International segment, excellent work by our merchandising teams on gross profit expansion, strong productivity improvement from our supply chain and a sales organization that is increasing their stride in growing our local business. Momentum is building at Sysco across the board, and we are confident we will accelerate that momentum throughout 2026. Given the importance of our local street business, I would like to go a bit deeper on our performance as main on slide number 8. The chart displays our meaningful sequential progress in US local over the past three quarters. Our Sysco Broadline local business inflected positive in the quarter, delivering volume growth of 0.4%. The US BO performance was 130 basis points stronger than our Q4 results which significantly outpaced the improvement in restaurant traffic during the quarter. Per Black Box restaurant traffic in Q1 improved by 60 basis points.

我們的財務表現主要得益於國際業務部門的又一次出色表現、商品銷售團隊在毛利潤增長方面的出色工作、供應鏈生產力的顯著提高以及銷售組織在發展本地業務方面不斷加快步伐。Sysco 各方面都發展勢頭強勁，我們有信心在 2026 年加速這一發展勢頭。鑑於我們當地街頭商業的重要性，我想在第 8 張投影片中更深入地探討一下我們的業績表現。這張圖表顯示了我們過去三個季度在美國本地市場的顯著進展。本季度，我們的 Sysco Broadline 本地業務呈現積極態勢，銷量成長了 0.4%。美國BO業績比第四季業績高出130個基點，遠超第四季餐廳客流量的成長幅度。據 Black Box 數據顯示，第一季餐廳客流量提高了 60 個基點。

As a result, Sysco improved more than 2 times the overall injury in the quarter. We are pleased that industry traffic improved, and it is even better to see Sysco improving at a faster clip. As I mentioned earlier, September was the strongest month of the quarter for Sysco and the strongest month of positive variance versus the industry. Importantly, Sysco has continued to make progress in October. Given the strong start to Q2, we anticipate that we will improve our total US local by at least an additional 100 basis points in Q2 versus Q1, continuing our positive momentum. In Q1, our USFS total local business posted a negative 0.2% case volume result in the period.

因此，Sysco 在該季度整體受傷人數減少了 2 倍以上。我們很高興看到產業流量有所改善，更令人欣喜的是，Sysco 的改善速度更快。正如我之前提到的，9 月是 Sysco 本季業績最好的一個月，也是與業界相比業績增幅最大的一個月。重要的是，Sysco在10月繼續取得進展。鑑於第二季開局強勁，我們預計第二季美國本地總業績將比第一季再提高至少 100 個基點，延續積極動能。第一季度，我們的 USFS 本地業務總量年減 0.2%。

A friendly reminder that our US foodservice volume reporting includes an ongoing negative impact from an intentional business exit within our FreshPoint business, as previously communicated on our Q4 call. In Q1, the FreshPoint business negatively impacted our total local performance by over 50 basis points. When excluding this headwind from this quarter, our USFS total local business grew 0.3%. Turning from local to our international segment. We are extremely pleased with the performance being delivered by our international team. We delivered outsized sales growth of 4.5% on a reported basis and up 7.9% when excluding the divestiture of Mexico.

友善提醒：我們美國餐飲服務業務量報告包含了我們 FreshPoint 業務有意退出所帶來的持續負面影響，正如我們之前在第四季度電話會議上所溝通的那樣。第一季度，FreshPoint 業務對我們的本地整體業績產生了超過 50 個基點的負面影響。如果排除本季的這一不利因素，我們的 USFS 本地業務總量成長了 0.3%。從本地市場轉向國際市場。我們對國際團隊的表現非常滿意。以報告數據計算，我們的銷售額實現了 4.5% 的超額增長；如果排除剝離墨西哥業務的影響，則增長了 7.9%。

International continues to deliver positive customer mix benefits, growing the local segment much faster than our total book of business. In fact, our international business posted local case volume growth of approximately 5% for the quarter. The customer mix shift to local helped drive adjusted operating income growth of 13.1% and representing the eighth consecutive quarter of double-digit profit growth. The P&L strength was delivered from every single region and our international portfolio. Sysco's international portfolio is delivering strong top and bottom line growth within every major market we operate.

國際業務持續帶來積極的客戶組合效益，本地業務的成長速度遠超我們整體業務的成長速度。事實上，本季我們的國際業務本地訂單量成長了約 5%。客戶結構向在地化轉變，推動調整後營業收入成長 13.1%，這是連續第八個季度實現兩位數利潤成長。損益強勁的業績來自我們每個地區和國際業務組合。Sysco的國際業務組合在我們營運的每個主要市場都實現了強勁的營收和利潤成長。

Sysco's international business is a strong stand out in the overall food away-from-home industry, and will be a tailwind for Sysco for many years to come. It is equally important to note, as Kenny has said previously, over the past three years, we have doubled the profit margin rate of our international business and we will continue to work to increase international profitability while simultaneously taking share and growing the top line. We call this performing for today while transforming for tomorrow. Sysco's international team is doing a great job of embodying that ethos.

Sysco 的國際業務在整個餐飲業中表現突出，並將成為 Sysco 未來多年發展的強勁動力。同樣重要的是，正如肯尼之前所說，在過去的三年裡，我們的國際業務利潤率翻了一番，我們將繼續努力提高國際獲利能力，同時擴大市場份額並增加收入。我們稱之為「立足當下，面向未來」。Sysco的國際團隊在體現這種精神方面做得非常出色。

Before I segue into a brief update on our growth initiatives, I would like to do a quick shout out to our entire supply chain organization. Year-to-date, in 2026, we have greatly improved our customer service levels, on time and in full. And we have improved our health and safety performance by reducing accidents in our warehouses and on the road. Additionally, our operators have reduced product strength and they have increased colleague productivity across the board.

在簡要介紹我們的成長計畫之前，我想先快速地向我們的整個供應鏈組織表示感謝。截至 2026 年，我們已大幅提高了客戶服務水平，能夠按時、完整地完成各項工作。我們透過減少倉庫和道路上的事故，提高了健康和安全績效。此外，我們的操作人員降低了產品強度，並全面提高了同事們的生產效率。

In my six years at Sysco, this is the strongest quarter our supply chain has delivered from a service and cost perspective. I think our entire supply chain for the great job they are doing. I have full confidence that the strong results will continue throughout 2026. Doing so will help us win new business and increase the retention of the customers we serve today. I would like to now transition into a brief update on select growth initiatives that highlight the progress that we are making as a company. Let's start with our colleague population. In our first quarter, sales consultant retention improved meaningfully versus 2025 and versus our exit velocity of Q4.

在我加入 Sysco 的六年裡，這是我們供應鏈在服務和成本方面表現最出色的季度。我認為我們整個供應鏈都做得非常出色。我完全有信心，這股強勁勢頭將持續到2026年。這樣做將有助於我們贏得新業務，並提高現有客戶的留存率。接下來，我想簡要介紹我們公司取得的幾項成長舉措，這些舉措將重點介紹我們公司正在取得的進展。讓我們先從我們的同事群體開始。第一季度，銷售顧問的留存率與 2025 年相比顯著提高，也與第四季的退出速度相比有所改善。

We have fully stabilized our sales colleague population, and we expect the overall productivity of our sales force to improve throughout 2026. As outlined in our recent proxy, our colleague engagement scores have strongly improved. Our colleagues are expressing positive sentiment in regards to overall engagement, team inclusion and working in a rewarding and motivating culture with a compelling compensation program. These engagement drivers improved strongly year-over-year.

我們的銷售人員數量已完全穩定，我們預計到 2026 年，銷售團隊的整體生產力將會提高。正如我們最近的代理報告中所述，我們的員工敬業度評分已大幅提高。我們的同事對整體敬業度、團隊包容性以及在充滿激勵和回報的工作文化和優厚的薪酬體系方面都表達了積極的評價。這些參與度驅動因素較去年同期大幅提升。

We are bullish about our ability to continue our local progress momentum given the stability of our sales force. Our sales organization is stable,and many talented industry sales professionals are becoming increasingly interested in working at Sysco. During our recent quarter, we introduced AI 360, our AI-empowered sales tool, and we are very pleased with the initial impact in colleague receptivity. Approximately 90% of our SEs are actively using the tool on a daily, weekly basis.

鑑於我們銷售團隊的穩定性，我們對繼續保持本地市場發展勢頭充滿信心。我們的銷售團隊很穩定，許多優秀的行業銷售專業人士對在 Sysco 工作越來越感興趣。在最近一個季度，我們推出了人工智慧銷售工具 AI 360，我們對同事們的初步接受度非常滿意。大約 90% 的銷售工程師每天或每週都在積極使用該工具。

While it remains early days, our outcomes data suggests that there is a strong correlation between high colleague engagement with the tool and improved volume and selling performance by those same colleagues. The work our sales teams do every day is hard. Each sales consultants serve dozens of customers, and the day of an SE is very dynamic. Throughout an average day, SEs answer questions, provide consultative services to restaurants, solve problems for their customers and they actively sell. AI 360 helps balance these activities and improve overall customer service levels while simultaneously increasing time for selling activities.

雖然目前還處於早期階段，但我們的結果數據顯示，同事們對該工具的高度參與度與這些同事的銷售和銷售業績的提高之間存在很強的相關性。我們的銷售團隊每天的工作都很辛苦。每位銷售顧問都要服務數十位客戶，銷售顧問的一天非常忙碌。在平常的一天裡，銷售代表會回答顧客的問題，為餐廳提供諮詢服務，為顧客解決問題，並積極進行銷售。AI 360 有助於平衡這些活動，提高整體客戶服務水平，同時增加銷售活動的時間。

The customer could ask if there are good and free options for their menu. They could ask for advice on seasonally relevant proteins for their upcoming menu change or they could ask for cost savings ideas and suggestions given the overall inflation in the food basket. Our best SEs are seasoned at answering these types of questions while proactively selling. AI360 helps all sales colleagues manage these conversations productively reducing administrative barriers and increasing the amount of time that they can spend actively prospecting and selling.

顧客可能會詢問菜單上是否有好的免費選項。他們可以就即將到來的菜單變更中應季蛋白質尋求建議，或者鑑於食品籃子整體通膨，尋求節省成本的想法和建議。我們最優秀的銷售工程師經驗豐富，擅長回答這類問題，同時積極推銷產品。AI360 幫助所有銷售同事有效率地管理這些對話，減少行政障礙，並增加他們可以積極尋找潛在客戶和銷售的時間。

Another important initiative is our customer loyalty program, Perks 2.0. Perks targets our local street customers that buy the most, by the most often and deserve the absolute best from Sysco. Over the past quarter, we have enrolled all eligible customers into the new Perks program. introduced the benefits to our customers and have greatly increased our colleague visit frequency to these accounts. We have improved supply chain service levels to purchase accounts and our 24/7 help desk is resolving Perk's questions the first time 98% of the time.

另一項重要措施是我們的顧客忠誠度計畫 Perks 2.0。 Perks 的目標客戶是本地街頭顧客，他們購買最多、購買頻率最高，理應獲得 Sysco 最好的服務。過去一個季度，我們已將所有符合資格的客戶納入新的“員工福利計劃”，向客戶介紹了該計劃的各項權益，並大幅增加了員工對這些客戶的拜訪頻率。我們提高了供應鏈服務水平，以更好地服務採購帳戶，我們的 24/7 全天候服務台 98% 的情況下都能一次性解決 Perk 的問題。

In Q1, we experienced an improvement in customer retention with Perks customers versus our broader book of business. Over time, we are very confident that Perks will be a differentiator for these customers. And as such, we will improve customer retention rates and perks will help us penetrate these customers with additional lines. In Q1, we can see the green shoots of positive impact of these initiatives on our local business. During the quarter, we increased the number of new accounts opened versus prior year and we simultaneously decreased the number of lost accounts versus prior year. That performance enabled an increased spread between new and lost of more than 220 basis points versus the prior year. The new loss positive spread was an incremental improvement of 40 basis points versus Q4 with September being the strongest period of the quarter.

第一季度，我們發現 Perks 客戶的客戶留存率比我們整體業務的客戶留存率有所提高。我們非常有信心，隨著時間的推移，Perks 將成為這些客戶眼中具有差異化的因素。因此，我們將提高客戶留存率，而各種優惠將幫助我們透過增加產品線來吸引這些客戶。第一季度，我們已經看到了這些措施對本地企業產生正面影響的初步跡象。本季度，我們新增帳戶數量較上年同期增加，同時流失帳戶數量較上年同期減少。這一表現使得新增和損失之間的利差比上一年擴大了 220 個基點以上。新的虧損利差較第四季度改善了 40 個基點，其中 9 月是本季表現最好的月份。

Our improved retention colleagues is also helping us drive increased penetration of lines with existing customers. From Q4 to Q1, our penetration with existing customers improved by 90 basis points. This can be directly attributed to the increased selling skills of our team and the assistance they are receiving from technology tools. As I wrap up my prepared remarks, I submit we are very pleased with our Q1 results. We are building momentum across sales, merchandising and operations. Our team is increasing their pace month-over-month, quarter-over-quarter.

我們員工留任率的提高也有助於我們提高現有客戶的線路滲透率。從第四季到第一季度，我們現有客戶的滲透率提高了 90 個基點。這可以直接歸功於我們團隊銷售技巧的提升以及他們從技術工具中獲得的幫助。在我結束事先準備好的發言之前，我想說我們對第一季的業績非常滿意。我們在銷售、商品推廣和營運方面都取得了長足的進步。我們的團隊正在逐月、逐季加快腳步。

We expect this progress to accelerate even further throughout 2026. While the external market is important, the improvement we are delivering at Sysco is being driven by growth initiatives within our control. Sysco Your Way is three years live in the market and continues to drive success. Total team selling is now two years in market and is continuing to accelerate progress in market share. We expect our new initiatives of AI360, Perks 2.0 and pricing agility to build upon the success of Sysco Your Way in total team selling and therefore, fuel continued positive momentum in our local business. With that, I'd now like to turn the call over to Ken. Ken, over to you.

我們預計這一進展將在 2026 年進一步加速。雖然外部市場很重要，但 Sysco 的進步是由我們可控範圍內的成長舉措所驅動的。Sysco Your Way 已在市場上推出三年，並持續取得成功。Total Team 銷售業務已進入市場兩年，市佔率持續快速成長。我們期望 AI360、Perks 2.0 和定價彈性等新措施能夠鞏固 Sysco Your Way 在團隊銷售方面的成功，從而推動本地業務持續向好發展。接下來，我想把電話交給肯恩。肯，該你了。

Thank you, Kevin, and good morning, everyone. Our performance this quarter was strong, representing a continuation of the improved operational momentum we established last quarter. In Q1, results included sales growth of 3.2% and adjusted EPS growth of 5.5%, reflecting continued momentum across customer segments and geographies. This diverse customer and geographic mix is a competitive advantage for Sysco in a leading factor in why our company has grown annual sales in 54 of the past 57 years.

謝謝你，凱文，大家早安。本季我們的業績表現強勁，延續了上季建立的良好營運動能。第一季業績包括銷售額成長 3.2% 和調整後每股收益成長 5.5%，反映出在各個客戶群和地區持續的成長勢頭。Sysco 擁有多元化的客戶群和地理分佈，這是該公司在過去 57 年中 54 年實現年銷售額成長的主要因素，也是其競爭優勢之一。

Our strong performance highlights the powerful combination of Sysco's portfolio breadth and the ability to drive operational execution necessary to deliver compounding rates of improvement. Our Q1 beat and the momentum with volume growth and margin management gives us confidence to deliver our FY26 guidance. Our adjusted EPS growth in Q1 included benefits from our disciplined strategic sourcing efforts leading in the delivery of 3.9% growth in gross profit, translating to 13 basis points of gross margin expansion year-over-year. The increase in both dollar and rates reflects structural improvements that we expect to carry over into upcoming quarters.

我們強勁的業績凸顯了 Sysco 廣泛的產品組合和推動營運執行能力的強大組合，從而實現了持續的改進。第一季業績超出預期，加上銷售成長和利潤率管理的良好勢頭，使我們有信心實現 2026 財年的業績指引。第一季調整後的每股盈餘成長得益於我們嚴格的策略採購工作，從而實現了毛利成長 3.9%，相當於毛利率年增 13 個基點。美元和利率的上漲反映了結構性改善，我們預計這些改善將延續到接下來的幾季。

Additionally, we continue to see returns from our investments in sales head count and capacity expansion alongside benefits from ongoing efforts to optimize cost and prudent tax planning. This ultimately rendered outsized profit growth with adjusted EPS growth of 5.5%, coming in ahead of our expectations. This beat to consensus included higher sales and adjusted operating income as well as net benefit from below-the-line items, of which the majority was driven by a lower effective tax rate. Results this quarter highlights the power of our organization's collective effort to delivering profitable growth, allowing us to weather volatility in the current macro backdrop.

此外，我們繼續從銷售人員數量和產能擴張方面的投資中獲得回報，同時，持續優化成本和審慎的稅務規劃也帶來了收益。最終實現了超額利潤成長，調整後每股收益成長 5.5%，超出我們的預期。這項業績超出預期，包括更高的銷售額和調整後的營業收入，以及來自線下項目的淨收益，其中大部分是由較低的實際稅率推動的。本季業績凸顯了我們組織齊心協力實現獲利成長的強大力量，使我們能夠在當前的宏觀經濟環境下抵禦波動。

Furthermore, our stabilized retention rates, paired with important Sysco-specific initiatives, generated business momentum that accelerated throughout the quarter and are expected to add to compounding improvements over time. The success generated by our International segment is a great example of the power behind the Sysco playbook. The positive momentum over the past few years continued in Q1 with sales growth of 4.5%, gross profit growth of 6.7% and adjusted operating income growth of 13.1%. The our strategy and driving results across all geographies, underscoring the significant operational advantages enabled by our size and scale. We also recently expanded our specialty capabilities with the successful acquisition of Fairfax Meadow in early October, one of the UK's leading center of plate protein suppliers.

此外，我們穩定的客戶留存率，加上 Sysco 特有的重要舉措，產生了業務發展勢頭，並在整個季度加速成長，預計隨著時間的推移，這將帶來持續的改善。國際業務部門的成功，充分體現了 Sysco 策略的強大力量。過去幾年的正面動能在第一季得以延續，銷售額成長4.5%，毛利成長6.7%，調整後營業收入成長13.1%。我們的策略和績效在所有地區都取得了顯著成效，凸顯了我們規模所帶來的巨大營運優勢。我們最近也透過成功收購 Fairfax Meadow（英國領先的餐盤蛋白供應商之一）擴大了我們的專業能力。

This addition follows last year acquisition of Campbell's Prime meat and favorably positions our team in Great Britain to unlock incremental growth by leveraging center of plate and specialty capabilities through total team selling in the North and South regions. We expect our positive momentum in international to continue this year as we leverage our investments to unlock future growth. Now let's discuss our performance and the financial drivers for the quarter, starting on Slide 12.

繼去年收購 Campbell's Prime 肉類之後，此次收購使我們在英國的團隊處於有利地位，可以透過在北部和南部地區進行團隊銷售，利用中心菜餚和特色菜的能力，釋放增量成長潛力。我們預計今年國際市場的積極動能將持續保持，我們將利用投資來釋放未來的成長潛力。現在讓我們從第 12 張投影片開始，討論本季的業績和財務驅動因素。

For the first quarter, our enterprise sales grew 3.2% on on an as-reported basis, driven by US foodservice, International and SYGMA. Excluding the impact of our divested Mexico business, sales grew 3.8%. The Total US food service volumes increased 0.1% and local volume decreased 0.2% in the quarter. US Broadline volumes increased 0.6%. These results were sequential improvements as compared to Q4. For our US FS local business, this represents a sequential volume improvement of 120 basis points, outpacing the industry's 60 basis points traffic improvement for the quarter. It remains early in our fiscal second quarter, but I am encouraged to share that we are seeing continued year-over-year momentum in volume growth rates during the month of October.

第一季度，我們的企業銷售額按報告基準成長了 3.2%，主要得益於美國餐飲服務、國際業務和 SYGMA 業務的成長。剔除已剝離的墨西哥業務的影響，銷售額成長了 3.8%。本季美國食品服務總量成長了0.1%，而本地食品服務總量下降了0.2%。美國綜合銷量成長0.6%。與第四季度相比，這些結果有所改善。對於我們的美國 FS 本地業務而言，這代表著環比銷量增長了 120 個基點，超過了該季度行業 60 個基點的銷量增長。雖然目前仍處於第二財季初期，但令人鼓舞的是，10 月份銷售成長率仍持續保持同比強勁成長勢頭。

As Kevin highlighted, the benefits of our stabilized colleague population are fueling this performance alongside our newest sales professional, making meaningful contributions as they leverage training and tools to work up the productivity curve. These factors are roughly contributed to an acceleration in new account growth for the quarter. In fact, this was the highest rate of new account growth over the past 12 months. helping drive continued improvement in new loss spread. Again, another reason for our confidence in delivering our FY26 guidance.

正如凱文所強調的，我們穩定的員工隊伍帶來的好處，以及我們最新的銷售專業人員，都在推動這一業績的實現。他們利用培訓和工具不斷提高生產力，並做出了有意義的貢獻。這些因素大致促成了本季新帳戶成長加速。事實上，這是過去 12 個月中新帳戶成長率最高的一次，有助於推動新損失率的持續改善。這也再次印證了我們對實現 2026 財年業績指引的信心。

These sequential volume improvements also benefit our US FS segment results. Stable gross profit performance also included continued investment in our US FS segment. The year-over-year trends are an improvement versus FY25 results, and we expect to deliver improving financial results and 2026 and beyond. Before moving along, I want to discuss a minor but important upgrade to our case volume reporting. As shown on Slide 14, we are updating our reported case growth figure to now also include volumes related to our center of play Buckhead, Newport meat and seafood specialty platform. Our reported results for this quarter and the prior year period includes the update.

這些銷售量的持續成長也有利於我們美國金融服務部門的業績。穩定的毛利表現也得益於我們對美國金融服務業務的持續投資。與 2025 財年相比，年比趨勢有所改善，我們預計 2026 年及以後財務表現將持續改善。在繼續之前，我想討論一下我們病例量報告的一個雖小但重要的升級。如投影片 14 所示，我們正在更新報告的病例成長數據，現在也包括與我們位於巴克黑德、紐波特的肉類和海鮮特色平台相關的銷售。本季度及上年同期公佈的業績報告包含了此次更新。

Historically, these volumes were measured in pounds sold and therefore, not able to be reflected in our reported case growth figures. The change is relatively minor. And as you can see on the slide, it accounts for an approximate 0 to 10 basis points impact on average over the last five quarters. This change enhances our reporting to be more holistically reflective of our entire portfolio with the inclusion of this important growth engine. Important growth projects like total team selling have the opportunity to ship cases from Broadline into specialty channel and this upgraded volume reporting will provide more external visibility to contributions from this program.

從歷史上看，這些銷售量是以磅為單位來衡量的，因此無法反映在我們報告的病例成長數據中。變化相對較小。正如您在幻燈片中看到的，在過去的五個季度中，它平均造成了大約 0 到 10 個基點的影響。透過納入這項重要的成長引擎，這項變更增強了我們的報告能力，使其能夠更全面地反映我們的整個投資組合。像全團隊銷售這樣的重要成長項目有機會將產品從大線管道運送到專業管道，而這種升級後的銷售報告將使該計劃的貢獻在外部更加可見。

The reporting it matches the agility of one Sysco world-class service to a customer across our portfolio. Additionally, SYGMA results this quarter were outsized. This included 4% sales growth and 39% operating income growth. While we expect more moderate results for the remainder of the year, segment growth for FY26 will be driven by operating efficiencies. Sysco produced $3.9 million in gross profit, up 3.9% and gross margin expansion of 13 basis points to 18.5% and improved gross profit per case performance. This notable margin improvement reflects effective management of product cost inflation and a mentality of continual improvement with cost savings driven by our strategic sourcing initiatives. Inflation rates in USPL were approximately 2.6%.

該報告體現了 Sysco 為我們旗下所有客戶提供的全球一流服務的敏捷性。此外，SYGMA本季的業績也異常出色。這其中包括4%的銷售額成長和39%的營業收入成長。雖然我們預計今年剩餘時間業績將較為溫和，但 2026 財年的業務成長將主要由營運效率的提高所推動。Sysco 實現毛利 390 萬美元，成長 3.9%，毛利率成長 13 個基點至 18.5%，每箱毛利表現也有所提高。這項顯著的利潤率提升反映了我們對產品成本上漲的有效管理，以及我們透過策略採購措施不斷改進並節省成本的理念。美國比勒陀利亞的通貨膨脹率約為 2.6%。

International inflation on a constant currency basis was slightly higher for the quarter at 4.5%. We Overall, adjusted operating expense were $3 billion for the quarter or 14.2% of sales, a 14-basis-point increase from the prior year. The increase was driven by planned investments in higher growth areas of the business with fleet, building expansion and self head count along with lapping $10 million in incentive compensation from the first quarter of the prior year, which negatively impacted adjusted operating expense growth by approximately 100 basis points and adjusted EPS growth by approximately 150 basis points. Corporate adjusted expenses were up 1% from the prior year, reflecting continued investments, lapping incentive compensation from last year and other costs.

以固定匯率計算，本季國際通貨膨脹率略有上升，為 4.5%。整體而言，本季調整後的營運費用為 30 億美元，佔銷售額的 14.2%，比上年同期成長 14 個基點。此次成長主要得益於對業務高成長領域的計畫投資，包括車隊、建築擴建和員工人數增加，以及上年第一季1,000萬美元的激勵性薪酬的結轉，這導致調整後的營業費用成長下降了約100個基點，調整後的每股盈餘成長下降了約150個基點。公司調整後支出比上年增長 1%，反映了持續的投資、去年激勵性薪酬和其他成本。

This was balanced with accretive productivity cost out and corporate efficiencies, including improved insurance costs. Overall, adjusted operating income grew to $898 million for the quarter, reflecting continued strong growth in our International and SYGMA segments. For the quarter, adjusted EBITDA of $1.1 billion was up 0.1% versus the prior year. Now let's turn to our balance sheet and cash flow. Our investment-grade balance sheet remains robust and reflects a healthy financial profile. Our $3.5 billion in total liquidity remains well above our minimum threshold and offers flexibility and optionality. We ended the quarter at a 2.9 times net debt leverage ratio.

這透過提高生產力、降低成本和提升企業效率（包括降低保險成本）來平衡。整體而言，經調整後的季度營業收入成長至 8.98 億美元，反映出我們的國際業務和 SYGMA 業務部門持續強勁成長。本季調整後 EBITDA 為 11 億美元，比上年同期成長 0.1%。現在讓我們來看看資產負債表和現金流量表。我們擁有投資等級的資產負債表，依然穩健，反映出我們健康的財務狀況。我們35億美元的總流動資金仍然遠高於我們的最低門檻，並提供了靈活性和選擇。本季末，我們的淨負債槓桿率為 2.9 倍。

Turning to our cash flow. We generated approximately $86 million in operating cash flow, up 62% on a year-over-year basis, reflecting working capital optimization. Our free cash flow in the quarter was a negative $15 million, reflecting typical seasonality and the timing of CapEx. Now I would like to share with you our expectation for FY26 as seen on Slide 19. During FY26, we remain on target with key guidance metrics. This includes reported net sales growth of approximately 3% to 5% to approximately $84 billion to $85 billion. These assumptions include inflation of approximately 2%, which we are seeing now, volume growth and contributions from M&A.

接下來談談我們的現金流。我們產生了約 8,600 萬美元的營運現金流，年增 62%，這反映了營運資本的最佳化。本季我們的自由現金流為負 1500 萬美元，反映了典型的季節性因素和資本支出的時間表。現在我想和大家分享我們對 2026 財年的預期，如投影片 19 所示。在2026財年，我們仍將按計畫實現關鍵指標。其中包括報告稱淨銷售額增長約 3% 至 5%，達到約 840 億美元至 850 億美元。這些假設包括目前我們所看到的約 2% 的通貨膨脹率、銷售成長以及併購帶來的貢獻。

We continue to expect full year 2026 adjusted EPS of [$4.50 to $4.60], representing growth of 1% to 3%, which includes an approximate $100 million headwind from lapping lower incentive compensation in fiscal 2025, an impact of roughly $0.16 per share. Similar to last year, we are providing full visibility to the carryover impact from incentive compensation for the year and by quarter as outlined on Slide 20. In Q1, this carryover impact included a $10 million headwind, which equates to approximately $0.02 per share to adjusted EPS.

我們繼續預期 2026 年全年調整後每股收益為 4.50 美元至 4.60 美元，成長 1% 至 3%，其中包括 2025 財年激勵性薪酬減少帶來的約 1 億美元的不利影響，影響約為每股 0.16 美元。與去年類似，我們將全面展示激勵性薪酬對本年度及各季度的結轉影響，如第 20 頁投影片所示。第一季度，這一結轉影響包括 1000 萬美元的不利影響，相當於調整後每股收益減少約 0.02 美元。

These headwinds impact year-over-year comparability for expenses in FY26. That being said, we are pleased that our compensation system is a pay-for-performance program and that our structure is in place will properly motivate behavior and drive positive performance in the business and fiscal year 2026. Excluding the negative impact of the incentive compensation on 2026 our outlook for the adjusted EPS growth will deliver approximately 5% to 7%, with the midpoint in line with our long-term growth algorithm. To help with phasing for Q2, based on the current environment, we expect EPS growth of approximately 4% to 6%, with the midpoint in line with the current consensus EPS of approximately $0.98.

這些不利因素影響了 2026 財年費用的年比可比性。儘管如此，我們很高興我們的薪酬體係是一個按績效付費的計劃，而且我們的結構已經到位，能夠適當地激勵員工的行為，並在 2026 財年推動業務的積極發展。排除激勵性薪酬對 2026 年的負面影響，我們對調整後每股盈餘成長的預期約為 5% 至 7%，其中點與我們的長期成長演算法一致。為了幫助確定第二季的進度，根據當前環境，我們預期每股盈餘將成長約 4% 至 6%，其中數值與當前市場普遍預期的每股盈餘約 0.98 美元相符。

This includes positive total and local US FS volume performance. As Kevin highlighted, we currently expect our US FS local volume improvement to improve at least 100 basis points sequentially quarter-over-quarter in Q2 of 2026. As previously disclosed, Q2 reported sales growth rates will also be impacted by the divestiture of Romesco JV, which we fully lapped in December this year. This financial guidance assumes improvements to be driven by our Sysco specific initiatives with industry foot traffic and macro environment similar to what we have seen over the past couple of quarters. We are proud of our strong track record of dividend growth and dividend aristocrat status.

這包括美國整體和本地食品服務業務量的積極表現。正如凱文所強調的那樣，我們目前預計，到 2026 年第二季度，我們美國 FS 本地銷售將環比至少提高 100 個基點。正如先前披露的那樣，第二季報告的銷售成長率也將受到Romesco合資企業剝離的影響，我們已在今年12月完全完成了剝離。該財務預期假設業績改善將由 Sysco 的特定舉措推動，行業客流量和宏觀環境將與我們過去幾季所看到的類似。我們為公司強勁的股息成長記錄和股息貴族地位感到自豪。

For FY26, we remain on target for shareholders' return to approximately $1 billion in dividends and approximately $1 billion in share repurchase plan for the year. This is all based on our current expectations and economic conditions (inaudible) based on M&A activity for the year. Specific to our dividend, our expected payout for FY26 equates to a 6% year-over-year increase on a per share basis. In terms of leverage, we continue to target a net leverage ratio of 2.5 to 2.75 times and maintain our investment-grade balance sheet. Now turning to a few other modeling items.

對於 2026 財年，我們仍有望實現股東回報目標，當年的股利約為 10 億美元，股票回購計畫約為 10 億美元。這一切都基於我們目前的預期和經濟狀況（聽不清楚），以及今年的併購活動。就我們的股息而言，我們預計 2026 財年的派息相當於每股同比增長 6%。在槓桿方面，我們繼續以2.5至2.75倍的淨槓桿比率為目標，並維持投資等級資產負債表。接下來我們來看看其他一些建模材料。

For FY26, we expect a tax rate of approximately 23.5% to 24% and adjusted depreciation and amortization now to be approximately $850 million, reflecting a now relatively longer useful life of our fleet assets balanced against underlying D&A related to continued capacity expansion domestically this year as well as international markets over the coming years. Interest expense is expected to be approximately $700 million, while other expense is now expected to be approximately $65 million. is expected to be approximately $700 million, representing less than approximately 1% of sales.

對於 2026 財年，我們預計稅率約為 23.5% 至 24%，調整後的折舊和攤銷約為 8.5 億美元，這反映出我們船隊資產的使用壽命相對較長，但同時也與今年國內持續產能擴張以及未來幾年國際市場相關的折舊和攤銷相平衡。預計利息支出約7億美元，其他支出約6,500萬美元，約佔銷售額的1%。

This includes growth in maintenance CapEx as we grow into our investments we've made over the past few years while also maintaining an eye towards driving ROIC by optimizing spend levels across the enterprise. Looking ahead, we are confident in our position and remain focused on leveraging our strength as the industry leader to drive customer growth while continuing to create value for our shareholders. With that, I will turn the call back to Kevin for closing remarks.

這包括隨著我們過去幾年投資的成長，維護資本支出也會增加，同時也要專注於透過優化整個企業的支出水準來提高投資報酬率。展望未來，我們對自身地位充滿信心，並將繼續專注於發揮我們作為產業領導者的優勢，推動客戶成長，同時繼續為股東創造價值。接下來，我將把電話轉回給凱文，請他作總結發言。

Thank you, Kenny. We are pleased with the strong performance we delivered in Q1 and more importantly, the significant progress we are making as a company across sales, merchandising and operations. We posted a strong exit velocity in the quarter, and that momentum has continued into October. Our leadership team places tremendous focus on improving our local business. strengthening our gross profit through strategic sourcing and tightly managing our expenses through strong supply chain productivity improvement. The team stepped up and delivered a beat across all three areas.

謝謝你，肯尼。我們對第一季的強勁業績感到滿意，更重要的是，我們對公司在銷售、商品銷售和營運方面的重大進展感到滿意。本季我們實現了強勁的退出速度，而且這種勢頭一直延續到了 10 月。我們的領導團隊非常重視改善本地業務，透過策略採購提高毛利，並透過大幅提升供應鏈效率來嚴格控製成本。團隊挺身而出，在所有三個方面都表現出色。

The strong performance from sales merchandising and operations enabled a compelling adjusted EPS growth year-over-year. I'm proud of the team for their performance and the momentum that we are building. As we look toward the remainder of 2026, we expect to build upon the Q1 momentum and deliver against our targets. Our top line results will further strengthen based upon sequential improvement in our local business throughout 2026.

銷售、商品銷售和營運方面的強勁表現，使得調整後每股盈餘較去年同期成長顯著。我為團隊的表現和我們正在建立的勢頭感到自豪。展望 2026 年剩餘時間，我們希望延續第一季的良好勢頭，實現我們的目標。2026 年，隨著本地業務的持續改善，我們的營收業績將進一步增強。

We have a diversified business with #1 market share in the noncommercial sectors of food-away-from-home-Noncommercial continues to grow year-over-year, and this segment is much more resilient in a challenging economic cycle. Our strong international segment performance gives us another form of diversification. Food-away-from-home is a good business.

我們的業務多元化，在非商業餐飲領域擁有第一的市佔率。非商業餐飲領域持續逐年成長，並且在充滿挑戰的經濟週期中更具韌性。我們在國際業務領域的強勁表現為我們提供了另一種多元化發展的方式。外出用餐是一門好生意。

It takes share from the grocery channel every year. And as I've said before, the pie is getting bigger and Sysco intends to take a bigger slice of that expanding pie. We are confident shareholders are positioned to benefit from our industry-leading dividend, compelling ROIC, intentional share buybacks, and improving financial results. Our performance in Q1 displayed strong progress in the early innings of improving our local business. The momentum will continue throughout 2026. I'm thankful for our leadership team and our entire 75,000 colleague population for the strong efforts to start the year. The collective team's hard work is poised to have positive impact in 2026. With that, operator, we're now ready for questions.

它每年都會從食品雜貨管道搶佔市場份額。正如我之前所說，市場蛋糕越來越大，Sysco 打算從中分得更大的一塊。我們相信，股東將從我們行業領先的股息、可觀的投資回報率、有計劃的股票回購以及不斷改善的財務業績中受益。第一季的業績表明，我們在改善本地業務的初期階段取得了強勁進展。這一勢頭將持續到2026年。我感謝我們的領導團隊和全體75,000名同事在新的一年伊始所付出的巨大努力。團隊的共同努力預計在 2026 年產生積極影響。好了，操作員，我們現在可以開始回答問題了。

(Operator Instructions) Alex Slagle, Jefferies.

（操作說明）Alex Slagle，傑富瑞集團。

A question on the local sales force productivity. If you could talk more about what you're seeing there and any metrics behind where we are on the curve. I guess specifically, percentage of new hires that are now over that 12- or 18-month hurdle when productivity really inflects and I know leveraging new tools is a piece of this, but how this tenure and retention really correlates to the local case growth step-up that you saw in September and October because I know the industry was a little more sluggish during that period.

關於本地銷售團隊生產力的問題。如果您能詳細談談您在那裡看到的情況，以及我們目前所處曲線位置背後的任何指標，那就太好了。我猜具體來說，我想了解的是，有多少新員工已經超過了 12 或 18 個月的門檻，而在這個門檻之後，生產力才會真正轉變。我知道利用新工具是其中的一部分，但這種任期和留任率與你在 9 月和 10 月看到的本地案例增長加速之間的真正關聯性是什麼，因為我知道在那段時間裡，整個行業都比較低迷。

Alex, thanks for the question. This is Kevin. Just to start with some of the key stats and facts. Plus 130 basis points of progress in Q1, a rate of improvement, 2 times the overall traffic improvement to the market positive inflection in local, really important to communicate what we shared on our prepared remarks, October stronger than Q1, which Kenny then reiterated in his prepared remarks, we anticipate to make at least an additional hundred basis points of progress in Q2 versus Q1 because we're building momentum.

Alex，謝謝你的提問。這是凱文。首先，我們來看一些關鍵數據和事實。第一季取得了 130 個基點的進展，這是一個改善率，是整體市場流量改善的兩倍，本地市場出現了積極的拐點，這對於傳達我們在準備好的發言稿中分享的內容非常重要。 10 月的情況比第一季更強勁，肯尼隨後在他的發言稿中重申了這一點。我們預計第二季將比第一季至少再取得 100 個基點的進展，因為我們正在積蓄力量。

That is the main point of our call today is building momentum. It starts and ends, Alex, with your question, which is stabilized retention. We are exceeding our retention target year-to-date for our sales colleagues, which is enabling us to have less churn of our sales force coverage to our customer population. . We're absolutely working hard on improving overall productivity of our sales consultant population, and we're pleased with the progress that we're making in that regard with more progress still to be made year to go as you just indicated because of the percentage of folks that work for us that are new versus what would be historical.

我們今天通話的主要目的就是積蓄力量。Alex，一切都始於你的問題，也終於你的問題，那就是穩定保留。今年迄今為止，我們的銷售同事的留任率已經超過了預期目標，這使得我們能夠減少銷售人員流失，更好地服務我們的客戶群。。我們正在努力提高銷售顧問團隊的整體生產力，我們對目前的進展感到滿意。正如您剛才提到的，由於我們新員工的比例與歷史水平相比有所變化，因此今年還有更大的進步空間。

We will continue to make progress in productivity. Key growth initiatives are helping in that regard, but I want to be fundamentally clear, it's the stability of the workforce that is creating the biggest force of positive momentum. With that, growth initiatives like Sysco Your Way and total team selling are continuing to produce. We have pursued 2.0 and AI360 that are helping us build momentum most notably, as I said, Q2, an additional minimum of 100 basis points of progress that we will make. Kenny, anything else you'd like to share?

我們將繼續提高生產效率。關鍵的成長舉措在這方面起到了幫助作用，但我想從根本上明確指出，勞動力的穩定性才是創造最大積極動力的因素。在此背景下，Sysco Your Way 和全員團隊銷售等成長措施持續取得成效。我們一直在推進 2.0 和 AI360，它們正在幫助我們建立勢頭，尤其值得一提的是，正如我所說，在第二季度，我們將至少再取得 100 個基點的進展。肯尼，還有什麼想分享的嗎？

Yes. Alex, this is Kenny. I agree with Kevin. I'll add a few more points here. The bumper sticker is we are extremely confident in our momentum and our local case growth. As I said earlier, 100 basis points sequential improvement quarter-over-quarter in terms of volume. And so the question would be, why are you so confident? There's a few proof points from our side. to what you just said. Our product -- our SDs are becoming more productive as they climb up the productivity curve. And that's the reason why this quarter, you saw the highest increase of new customer onboarding, which is driving that you lost spread that Kevin spoke about earlier.

是的。Alex，我是Kenny。我同意凱文的觀點。我再補充幾點。我們的口號是：我們對目前的動能和本地病例成長充滿信心。正如我之前所說，銷量較上月成長了 100 個基點。所以問題來了，為什麼這麼有自信？我們這邊有幾個證據可以證明你剛才說的話。我們的產品－我們的 SD 正隨著生產力曲線的提升而變得越來越有效率。這就是為什麼本季新客戶註冊量增幅最大，導致了凱文之前提到的利潤下滑。

Number two is, and as you know, there's a benefit as well. Obviously, when you sign up a new customer, they help with a new loss, but they also drive penetration. And this quarter, we saw that pickup for us, 90 basis points improvement quarter-over-quarter. So that helps a lot as well. Then last but not least, right, the retention playbook that Kevin mentioned earlier, we're seeing that in our 12 to 18 months kind of our new ASCs, but we're also seeing that with our experienced SEs. So you have the entire portfolio of SEs climbing up the curve, which drives overall productivity.

第二點是，如你所知，這也有好處。顯然，當你招攬新客戶時，他們不僅有助於減少新的損失，還能提高市場滲透率。本季度，我們看到了這種回升，環比提高了 90 個基點。所以這也有很大幫助。最後，正如 Kevin 前面提到的，留任策略，我們在 12 到 18 個月內，在我們新的 ASC 中看到了這一點，但我們也在經驗豐富的 SE 中看到了這一點。因此，所有軟體工程師的組合都在不斷提升，從而推動了整體生產力。

I just had a follow-up (inaudible) on a really strong quarter and the outlook for the second quarter looks pretty strong. So is there additional conservatism in the back half guide on earnings, you're up 5%, 6% or so in the first half. So I just wanted to clarify?

我剛剛跟進了上一季的業績（聽不清楚），而且第二季的前景看起來也相當樂觀。那麼，下半年的獲利預期是否更加保守？上半年你們的獲利成長了 5% 到 6% 左右。所以我想確認一下？

Yes. Yes. So I guess the question we had, the question is how confident are you in your guidance? And how should we think about the rest of the year? So from our vantage point, we are really confident in our guide as we're coming off of a quarter beat. This is two quarters in a row that we beat. And just to clarify, the $0.03 beat this quarter, $0.01 of it was driven by higher expected sales slowing down to OI and the other $0.02 was driven by prudent tax planning below the line. So that's, again, it's a nice beat all around the P&L.

是的。是的。所以我想問的問題是，你對自己的指導有多少信心？那我們該如何看待今年剩下的時間呢？所以從我們的角度來看，我們對我們的指導非常有信心，因為我們剛剛結束了四分之一拍。我們連續兩個季度都贏了。需要澄清的是，本季每股收益超出預期 0.03 美元，其中 0.01 美元是由於預期銷售額成長放緩至營業利潤率，另外 0.02 美元是由於公司內部審慎的稅務規劃。所以，總的來說，損益表整體表現不錯。

In terms of our confidence in the guide, Alex, we are extremely confident, and there's three reasons why. Number one is momentum, right? We continue to see, as Kevin said, September being the strongest month for us, and we're seeing the climb up the productivity curve. In our national business, we're also seeing momentum there as well. We're seeing nice recent wins, really strong retention as well, and we have really solid start ship dates coming up, and we expect national to pick up starting with Q2. And we are taking share, and we are taking share profitably.

就我們對導遊 Alex 的信心而言，我們非常有信心，原因有三。第一要素是勢頭，對吧？正如凱文所說，我們繼續看到9月份是我們業績最好的月份，而且我們看到生產力曲線正在攀升。在全國業務方面，我們也看到了同樣的成長動能。我們最近取得了一些不錯的成績，客戶留存率也很高，而且我們即將迎來一些非常穩定的發貨日期，我們預計從第二季度開始，全國範圍內的訂單量將會回升。我們正在搶佔市場份額，而且我們正在盈利地搶佔市場份額。

The second piece why we're confident is -- most of the growth that we expect this year is really driven by initiatives within our control. We expect the macro environment to be similar to the past couple of quarters. So again, this includes the commercial productivity, the supply chain productivity that Kevin mentioned earlier. So again, we feel very, very good about the robustness of our P&L and then last but not least, just the whole -- just the fact that we have a strong IT balance sheet and a very diversified portfolio that bodes well in any environment.

我們充滿信心的第二個原因是——我們預計今年的大部分成長實際上都是由我們可控範圍內的舉措推動的。我們預計宏觀環境將與過去幾季類似。所以，這其中也包括了商業生產力，以及凱文之前提到的供應鏈生產力。所以，我們再次對我們的損益表穩健性感到非常非常滿意，最後但同樣重要的是，我們擁有強大的 IT 資產負債表和非常多元化的投資組合，這在任何環境下都是一個好兆頭。

We'll go next now to Edward Kelly of Wells Fargo.

接下來我們來採訪富國銀行的愛德華‧凱利。

I wanted to follow up on really on case volumes, I guess. As we think about total case volumes, the improvement there was more modest than what we saw in local. Can you maybe just speak to what you're seeing on the total case volume side excluding the local, maybe what you're seeing by customer type. And then as we think about things moving forward in the guidance, I'm curious, you highlighted local volumes being better by about 100 basis points or so in Q2. Is that what you saw in September and October? And Kenny, I thought I heard you say something about national account may be picking up. I'm curious as to how you think about that total local spread moving forward as well, that should be somewhat similar or if local picks up with -- sorry, total picks up again.

我想進一步了解一下案件數量的情況。從病例總數來看，那裡的改善幅度比我們在本地看到的要小得多。您能否談談您觀察到的總案件量情況（不包括本地案件），以及您按客戶類型劃分的情況？然後，當我們考慮未來發展方向時，我很好奇，您強調第二季度本地銷量比上一季度提高了約 100 個基點。九月和十月你看到的也是這種情況嗎？肯尼，我好像聽到你說過全國性客戶的需求可能會回升。我也想知道您如何看待未來本地總傳播情況，這應該會有些類似，或者本地傳播情況會再次好轉——抱歉，是總傳播情況再次好轉。

Thank you for the questions. This is Kevin. So I'll start. And yes, I will pick up on some of what Kenny mentioned relative to our national sales business. As it relates to your question about September and October, I'm not going to provide additional by month commentary for Q1 other than to say the following. Every single month in Q1 was better than the prior month.

謝謝大家的提問。這是凱文。那我先來。是的，我會採納肯尼提到的一些與我們全國銷售業務相關的建議。關於您提出的九月和十月的問題，除了以下幾點之外，我不會對第一季的月份進行更多評論。第一季每個月的情況都比上個月好。

And June was -- excuse me, July was better than June. So it's each month sequentially better exit velocity continuing into October. October being stronger than September. And as Alex mentioned a moment ago, the overall market is not stronger in October versus September, which again shows that the improvement we're making is because of initiatives within our control. September for the overall market was not stronger than August, but September for Sysco was stronger than August. So it's a point of confidence on the progress that we're making is within our control, being driven by the stability of our workforce being driven by key initiatives.

六月——抱歉，七月比六月好。因此，每個月的退出速度都在逐月提高，這種情況一直持續到十月。十月比九月強勁。正如 Alex 剛才提到的，10 月的整體市場並不比 9 月更強勁，這再次表明，我們所取得的進步是因為我們採取了可控的措施。9 月份整體市場表現不如 8 月份，但 Sysco 9 月份的表現卻比 8 月份好。因此，我們有信心，我們所取得的進展在我們掌控之中，這得益於我們員工隊伍的穩定性，而員工隊伍的穩定性又得益於關鍵措施的推動。

And as I just said a second ago, October stronger than September and the confidence in our ability to say that Q2 will be at least 100 basis points better as directly fueled by what we're seeing in our performance outcomes quarter-to-date in Q2. as it relates to national sales, just a little bit more color on what Kenny said. We're confident we will improve our volume in national sales year to go for the following reasons: number one, we have an incredibly high customer retention rate in national sales, greater than 98-plus percent. We have an incredibly strong national sales customer retention. Number two, noncommercial within national sales continues to perform really well.

正如我剛才所說，10 月份比 9 月份強勁，我們有信心預測第二季度至少會比 9 月份好 100 個基點，這直接得益於我們第二季度迄今為止的業績表現。關於全國銷售額，我再補充一些肯尼剛才所說的細節。我們有信心在未來一年內提高全國銷售額，原因如下：第一，我們的全國銷售客戶留存率非常高，超過 98%。我們的全國銷售客戶留存率非常高。第二，非商業性全國銷售業績持續表現非常出色。

So that's food service management, travel and hospitality. Our government business, all falling within noncommercial continues to do well. The business is under pressure with the national initiative, surprise to anyone on this call are large national chain restaurants. That business is down on a year-over-year basis from a traffic perspective and it's down year-over-year from a volume perspective. We're growing our national in total because of strength that we're producing in delivering within noncommercial. To be clear, as it relates to the P&L, national restaurants would be the least profitable portion of the business. And therefore, as you're somewhat communicating in your question, it tilts to growth in local being higher from a contribution perspective is a net positive in the P&L.

以上就是餐飲服務管理、旅遊和旅館業的相關內容。我們的政府業務，所有屬於非商業性質的業務，都繼續發展良好。這項國家措施給企業帶來了壓力，不出所料，大型全國連鎖餐廳也受到了影響。從客流量來看，該業務年減；從銷量來看，該業務較去年同期下降。由於我們在非商業領域展現出的強大實力，我們的全國總規模正在成長。需要明確的是，就損益表而言，全國連鎖餐廳是業務中獲利能力最差的部分。因此，正如你在問題中表達的那樣，從貢獻的角度來看，本地增長越高，對損益表而言就是淨正收益。

As we think about the rest of the year from a national sales perspective, Kenny mentioned this a moment ago, I'm just going to reiterate it. We have strong wins already signed that have start ship dates in the year-to-go period, and we include the strong retention of existing customers, plus the start ship dates that are coming in the year ago, our volumes will pick up in national for the full year.

從全國銷售的角度來看，展望今年的剩餘時間，肯尼剛才提到了這一點，我只想重申。我們已經簽下了一些強有力的訂單，這些訂單的發貨日期都在今年內，再加上現有客戶的強勁留存率，以及去年即將開始的發貨日期，我們全年的全國銷量將會增長。

If you think about the year in aggregate, and I believe we have national and local growing similarly for the full year. And over the longer course of time, we would anticipate local growing faster than national, but for fiscal 2026 growing roughly in parity. Last comment for me on national. We are definitively taking share in total in national segment, which includes noncommercial.

如果從全年整體來看，我認為全國和地方全年的成長都比較相似。從長遠來看，我們預計本地經濟成長速度將超過全國經濟，但到 2026 財年，兩者的成長速度將大致持平。關於國家層面，我最後再說幾句。我們肯定會在全國市場（包括非商業市場）中佔據一定的份額。

By throwing international as a part of the answer to this question as well, similar pattern happening in our global business. I mentioned in my prepared remarks, our local business. In international, up 5% from a volume perspective and that growth is happening in every single geography internationally. We're doing extremely well in local, taking share in local in every national geography. In the national segment within international is similar to what we're seeing in the US where national restaurants in the global setting are slightly down, but we are very pleased with the profit growth that we're delivering in large part because that growth in local internationally. Kenny, is there anything else you'd like to say?

如果將「國際化」也納入這個問題的答案中，那麼我們在全球業務中也出現了類似的模式。我在準備好的演講稿中提到了我們當地的企業。國際市場銷售成長 5%，而且這種成長發生在國際市場的每個地區。我們在本地市場表現非常出色，在每個國家/地區都佔據了一定的市場份額。在國際市場中的國內市場，情況與我們在美國看到的情況類似，即全球範圍內的國內餐廳略有下降，但我們對利潤增長非常滿意，這在很大程度上要歸功於本地國際市場的增長。肯尼，你還有什麼想說的嗎？

Yes. No, I agree with Kevin. Just 1 thing to add is, just to clarify, Sysco, we improved every month from a growth rate standpoint and local throughout the quarter. And we inflected versus the market, the greatest actually in September, and that has continued based on the first few weeks of October. And just to recap the phasing for the year in terms of local first quarter was US as 0.2%. We expect to step up sequentially by at least 100 basis points in Q2. And given the momentum that we have and the initiatives that are within our control, we'd expect that step up even further in the back half of the year for the full year to be positive.

是的。不，我同意凱文的看法。最後補充一點，澄清一下，Sysco，從成長率的角度來看，我們每個月都在進步，整個季度本地市場的表現也都不錯。我們與市場的趨勢出現了逆轉，9 月的逆轉幅度最大，而且從 10 月的前幾週來看，這種逆轉趨勢仍在繼續。最後總結一下，就本地第一季而言，美國的年度分階段成長率為 0.2%。我們預計第二季將較上季至少上調 100 個基點。鑑於我們目前的發展動能和我們可控的各項舉措，我們預計下半年將進一步提升業績，全年業績也將保持積極態勢。

John Heinbockel, Guggenheim.

約翰海因博克爾，古根漢美術館。

Kevin, two questions. So if you adjust for FreshPoint, right, it looks like Q2 is probably up, I don't know, [1.3, 1.4, 1.5], somewhere in that ballpark. And I know the ambition is to get to close to [4], right, where you're growing your sales force -- maybe you talk about the ability to get there if the macro backdrop stays this week. I don't know how close you can get to that, if there's anything else to tweak to make up for that. So that's question one. And then two, penetration up 90 bps. What's happening with drop size? Has that now inflected positively? And I would think if it has, that's going to have a positive impact on profitability in the US soon if -- or pretty soon, I would think.

凱文，我有兩個問題。所以，如果根據 FreshPoint 進行調整，那麼第二季的銷售額可能會上升，我不知道，大概在 1.3、1.4、1.5 左右。我知道你們的目標是接近 [4]，對吧，你們正在擴大銷售團隊——也許你們會談到，如果本週宏觀環境保持不變，你們有能力實現這個目標。我不知道你能做到多接近那個效果，也不知道是否有其他需要調整的地方來彌補。這是第一個問題。其次，滲透率上升了 90 個基點。水滴尺寸發生了什麼變化？現在情況有好轉嗎？我認為，如果真是如此，那很快就會對美國的獲利能力產生積極影響——或者說，我認為很快就會產生積極影響。

Thank you for the question. Just to go back to, crystal clear on the at least 100 basis points of improvement, that's versus USFS. So the starting place is negative [$0.2 million]. We will improve USFS total local volume by at least 100 basis points. in Q2. That is what we're communicating today. And we're building momentum each month better than the prior month. We do not believe that external environment improving is required to continue to perform and to continue to improve because of the stability of our workforce the lapping of lost customers a year ago and the increased impact of our initiatives that we launched throughout Q1. So that's the clarity on US FS volume.

謝謝你的提問。再說一遍，至少有 100 個基點的改進非常明確，這是與美國林務局相比而言的。所以起始位置是負數。[20萬美元]我們將使美國林務局本地總體積在第二季至少增加100個基點。這就是我們今天要傳達的訊息。我們每個月都在穩定提升，比上個月更好。我們認為，無需外部環境改善，我們就能繼續取得業績並不斷進步，因為我們的員工隊伍穩定，一年前流失的客戶已經恢復，而且我們在第一季度推出的各項舉措的影響也日益顯著。以上就是美國食品服務業（FS）業務量的具體情況。

As it relates to penetration, improvement driving drop side this improvement on a year-over-year basis, we increased penetration with existing customers, absolutely that had a positive pull-through to drop size. And as I said in my prepared remarks, I've been here for 6 years now. It was the, by far, strongest quarter we had from the supply chain productivity perspective and service outcomes perspective. We measure service outcomes as a measure of on-time and in full. In addition, cost per piece shipped. We had a very strong quarter in our supply chain, fueled by two things. Kenny and I talk about this all the time.

就滲透率而言，改進推動了投放量逐年增長，我們提高了現有客戶的滲透率，這絕對對投放量產生了積極的拉動動作。正如我在準備好的演講稿中所說，我在這裡已經6年了。從供應鏈生產力和服務成果的角度來看，這是我們迄今為止表現最好的一個季度。我們以按時足量交付來衡量服務成果。此外，還要考慮每件商品的運輸成本。我們的供應鏈在本季表現非常強勁，這主要得益於兩件事。我和肯尼經常談論這件事。

Retention improvement in our supply chain has been notable and significant and that started more than 12 months ago. this time a year ago, I was talking about a stable workforce in our supply chain. We are now seeing the benefit of that stability of retention in our supply chain, our drivers are more productive. Our selectors are more productive, working more safely.

我們供應鏈的員工留任率顯著提高，而這項改善則始於12個月前。一年前的這個時候，我還在談論我們供應鏈中穩定的員工隊伍。現在我們看到了供應鏈人員留任穩定性帶來的好處，我們的司機工作效率也更高了。我們的揀貨員工作效率更高，工作也更安全。

They're having fewer accidents out on the road. Shrink results are improved year-over-year. And when you put all that together, cost per piece improved versus our plan, and we had a beat in supply chain cost per piece versus our own plan the quarter. And job size is a part of that, John. It is a part of it. The more notable part is the improvement in retention and the improvement in productivity from our supply chain workforce. Ken, anything to add?

他們的道路交通事故減少了。縮減業績逐年改善。綜合所有因素來看，單件成本比我們計畫的有所降低，而且本季供應鏈單件成本也比我們自己的計畫有所下降。約翰，工作規模也是其中的因素。這是其中的一部分。更值得注意的是，我們的供應鏈員工的留任率和生產力都提高了。肯，還有什麼要補充的嗎？

Yes, just want to clarify, you mentioned the 4% growth or volume on local. That is in perpetuity, right? Assuming if you grow your sales force by 4%, in perpetuity, your volume increased by 4% as well. For this year, we're not expecting that level given the fact that we -- we have a new cohort coming in, it takes 12 to 18 months for them to get to speed. So that is not -- it's a lower number than 4%, but it is positive for the year.

是的，我只是想確認一下，您提到了本地市場 4% 的成長或銷售。那是永久性的，對吧？假設你的銷售團隊每年成長 4%，那麼你的銷售額也將持續成長 4%。今年，我們預計達不到那個水平，因為我們有一群新員工即將加入，他們需要 12 到 18 個月的時間才能跟上進度。所以，雖然這個數字低於 4%，但對今年來說仍然是正數。

Jake Bartlett, Truist Securities.

Jake Bartlett，Truist Securities。

Great. Mine was on the composition of the sales growth guidance that you reiterated. And specifically on the food cost and inflation, I think you said that you expect -- continue to expect 2%. It was much more it was I think 3.4% in the first quarter. So one is, I want to make sure we're talking about the same thing, initially. Last quarter, you had said that you were at 2% as of the time of the quarter, but you reported the 3.4%. So trying to just make sure I understand what the trends are in the product cost inflation and making sure I understand kind of your guidance of 2% relative to the 3.4% currently.

偉大的。我的問題是關於您重申的銷售成長預期組成。具體來說，關於食品成本和通貨膨脹，我想你說過你預計——繼續預計2%。第一季的情況要好得多，我記得是3.4%。首先，我想確保我們討論的是同一件事。上個季度，你曾表示截至季度末你的成長率為 2%，但你報告的成長率為 3.4%。所以，我只是想確保我了解產品成本通膨的趨勢，並確保我理解您關於 2% 相對於目前 3.4% 的指導意見。

Yes, Jake, we understand and appreciate the question. We've guided the full year at approximately 2% from an inflation perspective. You're right to point out that the total inflation rate in Q1 was a bit higher than that, mostly from international, which Kenny can provide some additional color in a second. In the spot moment, in the month that we're in, the rate of inflation in the domestic US business has come down from the number that you reported back to that approximately 2% rate because we're starting to see some deflation in select categories.

是的，傑克，我們理解並感謝你的提問。從通膨角度來看，我們預計全年通膨率約為 2%。您說得對，第一季的總通膨率略高於這個數字，主要來自國際市場，肯尼稍後可以對此進行更詳細的說明。就目前而言，在我們所在的這個月，美國國內商業通膨率已從您報告的數字下降到大約 2%，因為我們開始看到某些類別出現通貨緊縮。

So poultry on a year-over-year basis. the deflation of dairy on a year-over-year basis because we're lapping avian flu from a year ago is now deflationary, and produce has been deflationary for going on 12 months now. The beef market continues to be inflationary at the high single-digit rates, but also slightly down from where it was, which was higher previously.

所以，家禽價格較去年同期下降。由於我們仍在消化一年前的禽流感疫情，乳製品價格年減，而農產品價格已經連續12個月呈現下降趨勢。牛肉市場繼續保持高個位數通膨率，但比之前的較高水平略有下降。

So Kenny says this all the time. We have 13 attribute groups the inflation number that we quote is the aggregate of all of them. Our full year peg is approximately 2%. It came in a little bit hotter than that in Q1. We're seeing it reduce to that targeted 2% rate in the quarter that we are currently in. And we're confident we can grow our business profitably and deliver our operating income and EPS growth in spite of whatever the inflation or deflation is over time, we've proven that over the past 6 years in an inflation cycle, we can expand GP and even in a deflation cycle we can expand GP. Ken, is there anything you'd like to add?

肯尼總是這麼說。我們有 13 個屬性組，我們引用的通貨膨脹率是所有這些屬性組的總和。我們全年的目標收益率約為2%。第一季的情況比這稍微熱。我們看到，在本季度，這一數字正在下降到2%的目標水準。我們有信心，無論通貨膨脹或通貨緊縮，我們都能實現業務獲利成長，並實現營業收入和每股盈餘成長。過去 6 年，我們已經證明，在通貨膨脹週期中，我們可以擴大毛利；即使在通貨緊縮週期中，我們也可以擴大毛利。肯，你還有什麼要補充的嗎？

Yes. Yes. Jake, we're currently operating what I would call a normalized inflationary environment. In Q1, USPL inflation was roughly 2.6%. And to Kevin's point, international was roughly 4.5%. That's really driven by two markets, Canada, which is tariff related as well as GB, which is 7% wage inflation madate by the government. The real takeaway is that even with this environment, we're seeing total GP up 4% and expansion of GP margins by 13 basis points for our company.

是的。是的。傑克，我們目前所處的正是我所說的正常化通貨膨脹環境。第一季度，美國個人所得稅通膨率約為 2.6%。正如凱文所說，國際業務約佔 4.5%。這主要受兩個市場驅動，一個是加拿大，與關稅有關；另一個是英國，政府強制推行 7% 的工資通膨。真正的結論是，即使在這種環境下，我們公司的總毛利仍然增加了 4%，毛利率也提高了 13 個基點。

As Kevin said, we have a diverse set of product categories. We don't over index on one or two of them. And long story short, we are operating in this environment that our assets around 3%, and that bodes well for the overall industry. And the last one I can mention is the center of the plate, we do expect center of the plate to moderate towards the back half of the year as well.

正如凱文所說，我們擁有多種產品類別。我們不會過度依賴其中一、兩個指標。簡而言之，我們目前所處的環境中，我們的資產佔比約為 3%，這對整個產業來說是個好兆頭。最後我想提的是本壘板中心區域，我們預期本壘板中心區域的命中率在下半年也會下降。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just curious on the broader restaurant industry. You mentioned easing trends to close the quarter. I think you said, and we've seen industry data that showed September was weaker than August. I think you mentioned that October was weaker than September. Yet Sysco going in the opposite direction, which is encouraging. Just wondering if there's any particular drivers of the industry weakness that you've seen, whether by segment or geography or income levels or ethnicity, it seemed like we're moving in the right direction until a couple of months ago. So just wondering the drivers that you've seen that have led to the slowdown? And then I had one follow-up question.

偉大的。只是對整個餐飲業比較好奇。您提到季度末趨勢有所緩和。我想你說過，而且我們也看到了行業數據顯示，9 月的情況比 8 月還要糟糕。我想你之前提到過十月比九月弱。然而，Sysco 的做法卻恰恰相反，這令人鼓舞。我想知道您是否觀察到任何導致行業疲軟的具體因素，無論是按細分市場、地理、收入水平還是種族劃分，幾個月前我們似乎都朝著正確的方向發展。所以我想知道你觀察到的導致交通擁堵的驅動因素是什麼？然後我還有一個後續問題。

Okay. Thank you, Jeff. I'll start. And this data is publicly available. So I'll just reference the black box data. Q1 was better than Q4, positive 60 basis points of traffic. So in aggregate, Q1 was better than Q4. It is appropriate to point out that September was softer than Q1 in its entirety, and that has continued into October.

好的。謝謝你，傑夫。我先來。而且這些數據都是公開的。所以我只引用黑盒子資料。第一季比第四季好，流量增加了 60 個基點。整體而言，第一季比第四季好。需要指出的是，9 月的整體表現弱於第一季度，而且這種情況一直延續到 10 月。

It's QSR and larger national change that are underperforming relative to the overall book of business independence and this is a good thing for foodservice distributor independents are performing better, whether or not that is a secular trend and if that's something that's going to be long -- continued into the future, it remains to be seen. But at the present moment, independents performing better restaurants, independents performing better than large national gains and particularly better than QSR. And you understand our profitability, you understand that, that trend is actually a positive for Sysco. The more important point, though, is our performance relative to the market.

相對於整體業務獨立性而言，快餐店和更大的全國性變革表現不佳，這對食品服務分銷商獨立經營者來說是一件好事，他們的表現更好，但這是否是一種長期趨勢，以及這種趨勢是否會持續到未來，還有待觀察。但就目前而言，獨立餐廳的表現優於大型全國性餐廳，尤其優於快餐店。你也了解我們的獲利能力，你也明白，這種趨勢其實對Sysco來說是件好事。但更重要的是我們相對於市場的表現。

While the overall traffic to market was softer in September versus the quarter, we experienced the complete opposite in September being our strongest period of the quarter, which Kenny then referenced as the spread, the positive inflection, the delta between us and the overall market widened and it widened even further in October, and we anticipate that will continue as the year progresses because of the initiatives that we launched we have an opportunity to take share a reminder, despite our being the biggest in this space, we have 17% market share. We have a meaningful opportunity to profitably grow our business regardless of the overall macro positions. You said you had a follow-up, so I'll toss it to you for that.

雖然 9 月整體市場流量較上季有所下降，但我們 9 月的情況卻截然相反，反而是本季最強勁的時期。肯尼隨後指出，我們與整體市場之間的差距（即積極的轉折點）擴大了，並且在 10 月進一步擴大。我們預計，隨著今年的推進，這種情況還會持續下去。由於我們推出的各項舉措，我們有機會擴大市場佔有率。提醒一下，儘管我們是該領域最大的公司，但我們的市佔率只有 17%。無論宏觀經濟情勢如何，我們都有機會實現業務的獲利成長。你說你還有後續問題，那我就把這個問題交給你了。

Yes. Just on Slide 8, it seems like you guys made a -- draw a line in the sand saying at least 100 basis points of sequential improvement from the down 20 bps in the first quarter. Just wondering whether there's any -- I mean, it sounds like you're encouraged by October. But the industry is clearly volatile. I know some would say it looks aggressive especially when it's not fully in your control. I know you said there's a lot of self-help driven, but your confidence in the 100-plus basis points of the industry were to continue to slow as we've seen in September to October. Again, it seems like a big promise to make with still two-plus months to go and the industry still --

是的。僅在第 8 張投影片中，你們似乎劃定了一條界限，表示要比第一季下降的 20 個基點至少連續改善 100 個基點。只是想知道有沒有什麼——我的意思是，聽起來你對十月充滿期待。但這個行業顯然波動性很大。我知道有些人會說這看起來很有攻擊性，尤其是當你無法完全控制它的時候。我知道你說過有很多自助因素在起作用，但你對行業100多個基點的信心將會繼續放緩，正如我們在9月到10月看到的那樣。再次強調，距離活動還有兩個多月，產業情勢依然嚴峻，做出這樣的承諾似乎有些冒險。--

We're confident in our ability to deliver the at least plus 100. We're one-third of the way through the quarter, October stronger than September despite what the market overall is doing. We have line of sight towards the ability to make progress in the year to go. for a host of reasons. The stability of our workforce initiatives. AI360 is not even 45 days old, and our colleagues are increasing their usage of it. They're asking questions, again, real-time answers. Do you have cauliflower pizza crust in-stock in Cleveland today. It gives them the exact item number, the quantity on hand. They can sell it right then and there. If they want selling tips how to introduce that product to the customer, they can get the answer to that too.

我們有信心至少能達到100分以上。本季已過三分之一，儘管整體市場表現不佳，但10月份的業績仍強於9月。我們有理由相信，在未來一年裡，我們能夠取得進展。我們勞動力穩定性計劃。AI360 推出不到 45 天，我們的同事就已經開始增加對它的使用。他們再次提出問題，並即時給出答案。請問克里夫蘭今天有花椰菜披薩餅皮現貨嗎？它可以提供準確的商品編號和庫存數量。他們可以當場賣掉。如果他們想知道如何向顧客介紹該產品的銷售技巧，他們也可以得到答案。

Teach me how to sell this item on and on and on. And the AI tool gets smarter in each and every. We have thousands of colleagues using it on a daily basis. So the tools utility is increasing every day. As an example, Perks 2.0, not live for more than 45 days. our customers are beginning to see the differentiation in the service that they're providing. I want to be really clear about one thing. Perks 2.0 doesn't cost Sysco, any more money.

教我如何才能把這件商品賣個不停。而且人工智慧工具在每一次迭代中都會變得更聰明。我們有數千名同事每天都在使用它。因此，這些工具的實用性與日俱增。例如，Perks 2.0 上線時間不超過 45 天。我們的客戶開始感受到我們提供的服務差異化優勢。我想把一件事說清楚。Perks 2.0 不會為 Sysco 增加任何額外成本。

This is about prioritization of these customers over the average book of business that we have. Why? Because they're the most profitable and important customers that we have. their delivery window is going to be their preferred window. Our on-time rate to that window will be higher. Their fill rate on the products they order will be higher. If they have a damage case on their delivery, we're going to give them credit immediately versus having them have to wait a couple of days.

這是指優先考慮這些客戶，而不是我們一般的業務量。為什麼？因為他們是我們利潤最高、最重要的客戶，所以送貨時間將按照他們偏好的時間表。我們按時完成任務的機率會更高。他們訂購產品的到貨率會更高。如果他們的貨物在運送過程中出現損壞，我們會立即給予他們賠償，而不是讓他們等待幾天。

These are thorns in the site and in the customer experience. So these initiatives are picking up progress. they're picking up their impact over time. And therefore, we are confident in our ability to deliver on the at least plus 100 in Q2. Kenny, anything you'd like to add?

這些都是網站和使用者體驗中的絆腳石。所以這些措施正在取得進展，隨著時間的推移，它們的影響力也不斷擴大。因此，我們有信心在第二季度實現至少100%的成長。肯尼，你還有什麼要補充的嗎？

Yes. So agree with Kevin, we're confident for two reasons. One is, as you said, right, the majority of our initiatives that yields the 100 basis points improvement is within our control. This is the retention. And the other piece is, we're also encouraged by the fact that we continue to select geographies already hitting our growth expectations, driven by SE additions, improved retention, and that's carrying into Q2 as well. So we have proof points of actual data that certain markets are hitting that stride.

是的。我同意凱文的觀點，我們有信心的原因有兩個。一是，正如你所說，沒錯，我們大多數能夠帶來 100 個基點改進的舉措都在我們的掌控之中。這是留存率。另一方面，我們也感到鼓舞的是，我們繼續選擇那些已經達到我們成長預期的地區，這得益於銷售工程師的加入和客戶留存率的提高，而且這種情況也延續到了第二季度。因此，我們有實際數據證明某些市場正在步入正軌。

The last thing I would add is that around traffic, foot traffic, it is a proxy, if you will, before our business. It's important. And we also have a big part of our business that are not tied to restaurants, right? Two-thirds of our national portfolio are actually what we called recession-resilient, noncommercial categories. food service management, education, health care and the like. And even within restaurants, if you think about it, Jeff, right? We have QSR, the casual dining, the fine dining.

最後我想補充一點，就交通流量、人流而言，它可以說是我們業務發展的風向標。這很重要。而且我們還有很大一部分業務與餐飲無關，對吧？我們全國投資組合的三分之二其實是我們所謂的抗衰退非商業類別，例如餐飲服務管理、教育、醫療保健等。即使在餐廳裡，仔細想想，傑夫，對吧？我們有快餐店、休閒餐廳和高級餐廳。

So we're pretty well diversified, a restaurant, non-restaurant standpoint, and we also have international, which serves as a strategic counterbalance, enhancing the resiliency and stability of our total overall business.

因此，我們的業務多元化程度相當高，涵蓋餐飲和非餐飲領域，而且我們還擁有國際業務，這起到了戰略平衡作用，增強了我們整體業務的韌性和穩定性。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I just wanted to -- I guess two questions. The first is I wanted to take maybe the guidance question from a different perspective. Obviously, the top line is very encouraging. But I think, as you said, guidance for 2Q is sort of in line, and you didn't raise the full year. So maybe you could just talk a little bit about the extent to which some of the investments that you're making maybe start to moderate. And so you see a little bit more of that flow through. I don't know if it's later this year or if it's next year? And then I just have a quick follow-up.

我只想問——大概兩個問題吧。首先，我想從不同的角度來探討指導性問題。顯然，整體數據非常令人鼓舞。但我認為，正如你所說，第二季度的業績指引基本上符合預期，而且你也沒有上調全年業績預期。所以，或許您可以稍微談談您正在進行的一些投資在多大程度上開始放緩。所以你會看到這種流動更加明顯一些。我不知道是今年晚些時候還是明年？然後我還有一個簡短的後續問題。

Yes. Yes. Thanks, Sara, for the question. So your question is more around the investments than what we're seeing around the flow-through around it. So here at Sysco, we are playing the long game, right? We're investing in our business, and we're also seeing incremental return to your point from the investment we made in previous quarter and period. So for example, the two biggest investments we made as a company, number one is the sales force.

是的。是的。謝謝薩拉的提問。所以你的問題更多的是關於投資本身，而不是我們看到的圍繞投資產生的實際影響。所以，在 Sysco，我們著眼的是長遠發展，對吧？我們正在投資我們的業務，正如您所說，我們也看到了上個季度和上個期間投資帶來的逐步回報。例如，我們公司最大的兩項投資，第一項是銷售團隊。

We've hired 750 people plus in the past couple of years. As we mentioned earlier, we're seeing all of them find the productivity curve right now and trying new account growth penetration, and that's the reason why you're seeing an outsized growth versus the market in Q1. And we expect that to continue in Q2 and the outer quarters. So nice return on investments and the pacing is there. And we're doing it the right way as well. We're taking share profitably.

過去幾年，我們已經僱用了750多名員工。正如我們之前提到的，我們看到他們現在都在努力提升生產力，並嘗試拓展新客戶，這就是為什麼你在第一季看到他們的成長速度超過了市場平均水平。我們預計這種情況將在第二季及之後幾季持續下去。投資報酬率不錯，節奏也掌握得很好。而我們做事的方式也是正確的。我們正在以盈利的方式擴大市場份額。

That's really important, taking share profitably. And that's the reason why you're seeing both dollar expansion on the margin as well as the rate expansion on the margin. In terms of the other big investment that we have in our portfolio, it's the 10 new facilities that we're building around the world, 7 are in the US, we are international.

這一點非常重要，要以獲利的方式佔領市場佔有率。這就是為什麼你會看到美元邊際擴張和利率邊際擴張的雙重原因。至於我們投資組合中的另一項重大投資，就是我們在世界各地建造的 10 個新設施，其中 7 個在美國，我們是一家國際公司。

I can tell you first hand, we have a strong pipeline, robust pipeline that can fill the capacity in the spot and as time progresses and it kind of goes hand in glove. SE becomes more productive. We're still filling the pipeline with accretive cases through our DC. So overall, we feel very confident. For example, in USFS, as time progresses, we will continue to make strides on operating income, gross profit and volume and achieve leverage in the outer periods.

我可以親身告訴你，我們擁有強大的產能儲備，可以立即滿足產能需求，隨著時間的推移，兩者是相輔相成的。搜尋引擎變得更有效率。我們仍在透過配送中心不斷增加新增病例，因此總體而言，我們非常有信心。例如，在 USFS，隨著時間的推移，我們將繼續在營業收入、毛利和銷售方面取得進展，並在外部期間實現槓桿作用。

Great. And then just on the market share point, I know you talked about having relatively low market share, 17%. I know it's even lower in specialty. As we think about those share gains, should I just think sort of a reversal of what we saw last year, where Sysco obviously ceded some ground just some transition in the SE group. But -- or do you have like a target market share in mind as you think about whether it's again Broadlines where I think you're closer to the 30%. And versus specialty where it's kind of 9% or high single digits. So any kind of color on how you think about that market share.

偉大的。關於市場佔有率這一點，我知道您提到市場佔有率相對較低，只有 17%。我知道它在專業領域排名更低。當我們思考這些市場份額的成長時，我是否應該認為這與我們去年看到的情況有些相反，當時 Sysco 顯然讓出了一些市場份額，東南集團進行了一些轉型。但是——或者說，當您考慮是否再次進入綜合報業領域時，心中是否有一個目標市場份額，我認為您更接近 30% 的目標。而專業領域的比例則在 9% 左右或接近兩位數。所以，任何關於你如何看待市場佔有率的觀點都可能影響你的判斷。

Yes, Sara, it's Kevin. Great question. To be clear, again, been here 6 years, we've taken market share. We've grown market share each and every year for the past 6 years in total. In the past fiscal 2024 -- excuse me, fiscal 2025, we overindexed in national, clearly taking share in national, and we underperformed our own expectations in local. This year, we intend to take share in both national and local in total, as evidenced by the positive inflection and we're growing faster than traffic at the present period. in our local business and national, I already addressed earlier with my prepared remarks, so I won't repeat that.

是的，薩拉，我是凱文。問得好。再次強調，我們在這裡已經6年了，並且已經佔據了市場份額。過去六年，我們的市佔率逐年成長。在過去的 2024 財年——抱歉，是 2025 財年——我們在全國範圍內超額完成投資，顯然在全國範圍內獲得了份額，但在本地市場，我們的表現低於預期。今年，我們計劃在全國和地方市場都佔據更大的份額，積極的成長勢頭就證明了這一點，而且目前我們的成長速度也超過了客流量的成長速度。關於我們在地方和全國市場的業務，我之前已經用準備好的演講稿談過了，所以這裡不再贅述。

As it relates to where we'll outsized share gains come from, that was the second part of your question, you actually just quoted all the stats. It's going to come from the specialty. We have a very strong, significant and robust broad line business. we have an opportunity to meaningfully grow our specialty produce, our specialty meat, our equipment and supplies, our Asian Foods and our Italian foods businesses. And sometimes, that gets delivered on a broad line truck.

至於我們超額份額成長的來源，那是你問題的第二部分，你實際上只是引用了所有統計數據。它將來自專業領域。我們擁有實力雄厚、規模龐大且穩健的綜合業務。我們有機會大幅發展我們的特色農產品、特色肉類、設備和用品、亞洲食品以及義大利食品業務。有時，這些貨物會用大型貨車運送。

So the cases may show up in broadline, sometimes that gets delivered on a specialty truck. The growth is about the following key things. having product available, Kenny talks all the time about these are unique items. These are bespoke items. These are custom cut items. These are the direct request of an end customer items. That's why they're called special. So it's about the product first we definitively have that product available when most raw miners don't.

所以這些案件可能會以普通藥品的形式出現，有時這種藥品會用專用卡車運送。成長的關鍵在於以下幾點：產品供應充足，肯尼一直強調這些都是獨一無二的產品。這些都是訂製商品。這些都是客製化切割的商品。這些是終端客戶直接要求的商品。所以它們才被稱為特殊物種。所以，首先是產品問題，我們絕對有產品供應，而大多數其他礦商都沒有。

Number two, it's about having a sales colleague, who is an absolute expert in that category, be it produce or protein or any of the other businesses. We have dedicated specialists who know these categories. Part of that incremental head count investment that Kenny talked about is in that specialty business. The last within specialty is the service model. There are some restaurant customers who, for those specialty categories want very late in the evening cut off, and they want to deliver six, seven days a week because it's fresh product.

第二點，就是要有一位銷售同事，他是該領域的絕對專家，無論是農產品、蛋白質或其他任何業務。我們有專門的專家來了解這些類別。肯尼提到的部分新增人員投入，一部分就投入了這個專業業務領域。專業領域內的最後一個面向是服務模式。有些餐廳顧客對於某些特殊類別的商品，要求很晚才截止交貨，而且他們希望每週送貨六到七天，因為這是新鮮產品。

They pay for that. We build that into the pricing of those products, which, therefore, have a higher gross margin. And we can check all of those boxes. And we can check those boxes in geographies where Broadliners cannot, and we can check those boxes where most smaller specialty entities cannot. And to be crystal clear, that's who we're competing against in specialty. We're not competing against big names. We're competing against thousands of very small companies who have one vans, two vans in a specific geography.

他們為此付出了代價。我們已將這些因素考慮在產品定價中，因此這些產品的毛利率更高。我們完全符合所有這些條件。而且，在大型連鎖藥局無法涵蓋的地區，我們也能滿足這些需求；在大多數規模較小的專業機構無法涵蓋的地區，我們也能滿足這些需求。說得更清楚些，這就是我們在該專業領域的主要競爭對手。我們並非與知名企業競爭。我們正在與成千上萬家規模很小的公司競爭，這些公司在特定區域內只有一兩輛貨車。

To be clear, we buy more local produce, local produce than any other company in the geographies we compete with and we're able to provide that product to our customers in a cost-effective manner. So we're going to meaningfully grow our specialty business. It's approximately a $10 billion business today. We said at our Investor Day, we see $10 billion of both coming from specialty over the next period of time. Sara, we haven't said what percent of market share that will drive in the next year. We'll save that for a future Investor Day. But we appreciate your question.

需要說明的是，我們購買的本地農產品比我們競爭區域內的任何其他公司都多，而且我們能夠以經濟高效的方式將這些產品提供給我們的客戶。因此，我們將大力發展我們的特殊業務。如今，這是一個價值約100億美元的產業。我們在投資者日上說過，我們預計未來一段時間內，特種產品和特種化學品將分別帶來 100 億美元的收入。薩拉，我們還沒有透露明年這將佔據多少市場份額。我們將把這個主題留到未來的投資者日上討論。但我們感謝您的提問。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

The question is on independent restaurants, specifically the difference in performance between existing account penetration and new account generation. Certainly some of the data that we see is that the industry is actually growing at a surprisingly high number of new units and many of those units are actually driven by independents. So firstly, if you see the same. And secondly, it does sound like a number of the tools that you have such as such as AI 360 and Perks, sound to be to drive market share at existing business, can you talk about some of the tools that the sales force now have to specifically generate new account penetration.

這個問題是關於獨立餐廳的，具體來說，是關於現有客戶拓展和新客戶開發在業績上的差異。我們看到的一些數據顯示，該行業的成長速度確實驚人，新增單元數量很高，而且其中許多單元實際上是由獨立營運商推動的。首先，如果你看到同樣的情況。其次，聽起來你們擁有的一些工具，例如 AI 360 和 Perks，似乎是為了在現有業務中提高市場份額，您能否談談銷售團隊現在有哪些工具專門用於開發新客戶？

Excellent, John. Thank you for the question. Appreciate it. What we're pleased about in Q1 as we saw improvement from the new loss spread, and we also saw improvement from penetration we saw a 220 basis point improvement year-over-year in new loss spread and a 40 basis point improvement in that same metric Q4 into Q1. And the even more important point is that what happened with penetration, we increased our penetration with existing customers by 90 basis points from Q4 into Q1. And I do attribute that to two things. AI360 is increasing our sales colleagues ability to know what to be selling on that given visit on that given day to solve problems in a timely manner and to provide suggestions on what could be sold. So it is absolutely a penetration, full direct focused selling effort.

太好了，約翰。謝謝你的提問。謝謝。我們對第一季的業績感到滿意，因為我們看到了新損失利差的改善，而且滲透率也有所提高。新損失利差較去年同期改善了 220 個基點，而第四季到第一季度，該指標也改善了 40 個基點。更重要的是，在滲透率方面，我們現有客戶的滲透率從第四季到第一季提高了 90 個基點。我認為這主要歸因於兩件事。AI360 提高了我們銷售同事在特定日期和特定拜訪中了解應該銷售什麼產品的能力，以便及時解決問題並就可銷售的產品提出建議。所以這絕對是一場以滲透為導向、完全以直接銷售為中心的行銷活動。

Perks is the exact same thing, Not interested per se in growing the number of Perks customers. We're interested in retaining those customers at a high rate and penetrating even further with those customers because as the other John always says, that's the most profitable case on the truck. So these tools are meaningfully focused on increasing penetration. To the other part of your question, which is, okay, well, what about new? The largest opportunity for improvement there is the incremental head count investment that we've made. Kenny talked about it, 750-plus people over the past couple of years. Those folks need to build their book of business. We provide them a starter book of business.

Perks 也是如此，我們本身對增加 Perks 用戶數量並不感興趣。我們希望以高留住現有客戶的比例，並進一步拓展這些客戶的業務，因為正如另一位約翰常說的，這是卡車上最賺錢的生意。因此，這些工具的重點在於提高市場滲透率。至於你問題的另一部分，也就是，好吧，那麼新的呢？最大的改進機會在於我們已投入的人員增加。肯尼談到這件事，過去幾年有超過 750 人參與過。這些人需要拓展自己的客戶群。我們為他們提供一份初始客戶名單。

They need to go fill in that business over time. and the accounts that we seed them with come from existing sales reps. Another thing Kenny talks about is now that existing sales rep can grow their book of business by backfilling that customer that they have transitioned to a net new hire, equally important, John, by having significantly improved colleague retention year-over-year, we're going to have less account churn at Sysco. So think about last year, a colleague departed their book of business with multiple dozens of customers that needed to be reassigned to existing sales reps.

他們需要逐步拓展業務。而我們提供的初始客戶帳戶則來自現有的銷售代表。Kenny 也提到，現在現有的銷售代表可以透過填補他們轉為新員工的客戶空缺來拓展業務。同樣重要的是，John，由於我們逐年大幅提高了員工留任率，Sysco 的客戶流失率將會降低。想想去年，有位同事離開了公司，他手下有數十位客戶需要重新分配給現有的銷售代表。

That decreased our existing sales rep's ability to go out and prospect. We're now very stable in our turnover. In fact, more new people are interested in working at Sysco that in my 6 years here. that stability improvement increases the ability to be out prospecting. Last but not least, AI360 also includes a tool to help with prospecting. It's essentially a maps app that provides our colleagues with visibility to accounts they should and can be targeting within their selling geography. giving them suggestions on what to sell. For the colleagues that are using that maps app, they were speaking to us specifically saying it's help them close more customers and help them do their prospecting work more effectively. Kenny, you have anything to add to that?

這降低了我們現有銷售代表外出拓展客戶的能力。我們現在的營業額非常穩定。事實上，與我在這裡工作的六年相比，現在對在Sysco工作感興趣的新人更多了。這種穩定性的提升增加了我們外出拓展客戶的能力。最後，AI360 還包含一個幫助尋找潛在客戶的工具。它本質上是一個地圖應用程序，可以讓我們的同事了解他們在銷售區域內應該且可以瞄準的客戶，並為他們提供銷售建議。那些使用地圖應用程式的同事們曾特別告訴我們，該應用程式幫助他們贏得了更多客戶，並幫助他們更有效地進行客戶開發工作。肯尼，你還有什麼要補充的嗎？

Yes. We're really pleased with the progress we've made on AI360 and Perks, right? For example, AI360, we have a correlation usage and the results as well. So that's -- it's -- it's a bit early innings right now, but we're definitely seeing a correlation between usage and results. And the other thing I would say is the results is not just driving conversion on sales. It's also reducing shortening the lead time, if you will, to be full productive, right? So think of it as a tool that, yes, it can help you identify prospects and drive sales conversion, but it's also a tool that helps the SE learn along the way, a pocket teacher, if you will. So that's a lot of accretion for our P&L as well. So from our standpoint, I think it's going really well and here's an important part. We don't need AI360 or Perks to hit our numbers this year. That's accretion upside to what we currently have.

是的。我們對AI360和Perks專案的進展感到非常滿意，對吧？例如，AI360，我們有相關性使用情況以及結果。所以現在下結論還為時過早，但我們確實看到了使用率和結果之間的相關性。另外，我想說的是，結果不僅體現在提升銷售轉換率。這樣也能縮短生產週期，讓生產效率達到滿載運轉，對吧？所以，你可以把它看作是一個工具，它確實可以幫助你識別潛在客戶並提高銷售轉換率，但它也是一個可以幫助銷售工程師在過程中學習的工具，一個便攜式老師。所以，這也為我們的損益表帶來了很大的成長。所以從我們的角度來看，我認為進展非常順利，這裡有一個重要的部分。今年我們不需要 AI360 或 Perks 就能達到目標。這是對我們目前所擁有資源的有利補充。

Thank you, gentlemen. Again, ladies and gentlemen, this will bring us to the conclusion of today's conference call. We'd like to thank you all so much for joining Sysco's first quarter fiscal year 2026 call. Again, thanks so much for joining us and we wish you all a great day. Goodbye, everyone.

謝謝各位先生。女士們、先生們，今天的電話會議到此結束。非常感謝各位參加 Sysco 2026 財年第一季電話會議。再次感謝各位的參與，祝福大家今天過得愉快。各位再見。