ID NEWS: PFG announces record sales and earnings for 2nd quarter

Performance Food Group (PFG), Richmond, VA, has announced record net sales of $1.4 billion for the second quarter ended June 28. This is a 28% increase from the year prior period. Net earnings for the quarter increased 7% to $23.9 million, also a new record.

Sales for the first six months of 2003 amounted to $2.6 billion, up 28% from $2.1 billion in the equivalent 2002 half. Net earnings for this period rose 22% to $40.4 million.

"Even with the higher costs of lettuce, as we discussed on July 14, 2003, our gains during the second quarter are gratifying and continue to validate our growth strategies," comments C. Michael Gray, president and ceo.

Broadline sales gained 37% during the quarter, propelled by acquisitions. Internal broadline growth amounted to 8%, while the 2002 acquisitions of Quality Foods, Middendorf Meat and Thoms-Proestler Co. contributed to the balance of the gain. Customized distribution sales grew 26%, fresh-cut sales 10%, during the quarter.


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