Key Points
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Performance Food Group posted strong first-quarter results: Net sales rose 5.5%, net income increased 38.4% to $129.5 million, and adjusted EBITDA grew 10% to $528 million, at the top of guidance. Gross margin expanded 33 basis points, supported by business mix, procurement initiatives and Performance Brands.
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Independent restaurant growth helped offset a difficult market: Organic case volume for independent restaurants rose 5.5%, largely driven by new accounts, while chain restaurant volume was slightly negative. Higher fuel costs and softer restaurant traffic pressured Convenience and Specialty results.
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Full-year guidance was reaffirmed: The company forecast fiscal 2027 adjusted EBITDA of $2.125 billion to $2.225 billion and expects procurement savings to reach about $125 million by fiscal 2028. Management also prioritized debt reduction, with net leverage at the high end of its target range.
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Performance Food Group (NYSE:PFGC) reported higher fiscal first-quarter earnings and reiterated its full-year outlook, as growth across its ...