“A lot of the things we did through the pandemic are paying dividends now that mobility has increased and consumers are getting out more."
“It was kind of too late to pivot if you hadn’t already made the right investments,” Hartung says of adapting to the pandemic.
The fast food chain's finance chief says the company has a lot of opportunity on the top line.
"Restaurants were hit harder than any other industry during the pandemic, and still have the longest climb back to pre-coronavirus employment levels."
In the first enforcement action of its kind, the SEC says the company falsely claimed its restaurants were "operating sustainably" during the pandemic.
The coronavirus has slammed Sysco's restaurant customers but its fourth-quarter loss came in lower than analysts had expected.
With dine-in sales shut down, the company has waived delivery fees, provided curbside pickup and launched shareable family meal packs.
“With sliver-like margins and not enough resources to sustain a prolonged closure, the future looks grim.”
S&P expects "very significant disruptions and sales deterioration" through the second quarter due to store closings and economic contraction.
The company has also closed 38 locations as it struggles with declining mall traffic and a shift away from casual dining.
The struggling restaurant chain said its strategic plan is a better option for long-term shareholder value than Vintage Capital's offer.
The company benefited from value deals and increased menu prices as it undergoes the largest construction project in its history.
