Performance Food Group Company, Richmond, Va. (NYSE: PFGC), reported sales for the second quarter of fiscal 2023 grew 8.3% to $13.9 billion compared to the prior-year period.
The increase in net sales was primarily attributable to an increase in selling price per case because of inflation and channel mix. Overall product-cost inflation continued to decline through the second quarter of fiscal 2023 and was 10.3%.
Profit for the second quarter of fiscal 2023 increased $62.7 million year-over-year to $71.1 million.
“Our momentum continued into the fiscal second quarter, with another period of strong sales and profit results for our company,” said George Holm, PFG’s CEO. “Our Foodservice segment produced organic independent restaurant case growth, leading to another quarter of market-share gains. Our execution across all business segments, along with positive mix shift, led to margin expansion and strong cash flow generation.”
Sales for the first half of fiscal 2023 grew 23.2% to $28.6 billion. The increase in sales was primarily attributable to the acquisition of Core-Mark in the first quarter of fiscal 2022 and an increase in selling price per case because of inflation. Overall product-cost inflation for the company was approximately 11.3%.
Profit for the first half of fiscal 2023 increased $153.7 million year-over-year to $166.8 million.