Sysco CEO: We're seeing an improvement in food away from home consumer spending

Company Performance - Cisco reports a beat on both top and bottom lines with a 61.5% earnings per share growth [2] - Cisco is guiding a 3% to 5% sales growth in fiscal year 2026 [7] Market Trends & Dynamics - Overall marketplace conditions are improving, with restaurant foot traffic showing improvement from Q1 to Q2 of the calendar year [3][5] - Restaurant foot traffic was down approximately 35% in Q1, improving to approximately 15% down in Q2, a 200 basis point improvement [5][6] - The company anticipates the restaurant foot traffic run rate to be around -15% going forward [6] - Travel and hospitality business is performing well, with Cisco winning share in the non-commercial sector, which constitutes about a third of the business [8][9] - Cisco holds number one market share in travel and hospitality, sporting venues, and office complexes within the non-commercial sector [9] Food Inflation & Supply Chain - Overall food inflation for restaurants is approximately 25% across 13 merchandise categories [10] - Beef costs are elevated, with inbound food costs to Cisco being approximately 10% higher, a condition expected to persist due to supply and demand imbalances [11][12] - Elevated beef prices are anticipated to continue for the foreseeable future, offset by decreases in other categories like produce [13]