ID NEWS: PFG reports strong fiscal 2002

Performance Food Group (PFG), Richmond, VA, has reported overall sales of $4.4 billion for its fiscal ended December 28, 2002. This is a 37 percent gain over $3.2 billion reported for the 2001 fiscal.
"While our five-year compound growth in sales is 27 percent, this year's 37-percent sales growth should demonstrate that Performance Food Group is truly a company-on-the-move," comments C. Michael Gray, president and ceo.
Broadline sales increased 34 percent; customized business,14 percent; fresh-cut sales,129 percent. Broadline gains were credited to acquisitions as well as more street business. The customized or systems increase reflected expanding relationships with existing customers. The surge in fresh-cut business resulted primarily from the first full year of the Fresh Express acquisition.
Street sales per delivery climbed 14 percent for the year and represented 46 percent of broadline sales. Proprietary brand sales increased 31 percent and represented 20 percent of street sales.
Acquisitions contributed 29 percent of the full year's gain, internal sales growth, 8 percent. Deflation was nominal over the full year period.


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