Performance Food Group Company (NYSE: PFGC), Richmond, Va., a foodservice distributor, reported its sales for its fiscal 2023 third quarter were $13.8 billion, up 5% from the prior-year period.
Net income was $80.3 million, up 243.2% from the prior-year period.
Sales for the first nine months were $42.4 billion, up 17% from the first nine months of 2022. Net income for the first nine months was $247.1 million, up from $36.5 million in the prior-year period.
Performance Food announced its third-quarter segment results:
- Foodservice sales were $6.9 billion, up 5.2%.
- Vistar sales were $1.1 billion, up 24.9%.
- Convenience sales were $5.7 billion, up 1.9%.
“PFG’s three reportable segments continued to deliver solid results in the fiscal third quarter with accelerated organic case volume and favorable cost control producing strong profit growth,” said George Holm, PFG’s CEO.
“Organic independent restaurant case growth in our Foodservice segment increased by 8.3% in the quarter, reflecting market-share gains. Vistar experienced excellent top and bottom-line results across its channels while our Convenience segment continues to grow in the profitable food and foodservice area. Due to our organization’s solid execution, PFG produced robust cash flow, allowing for a reinvestment behind growth opportunities and leverage reduction.”