PFG's Spinner Sees Continued Growth in '04

RICHMOND, VA - Steve Spinner, president and ceo of the Performance Food Group (Nasdaq: PFGC) Broadline Division here, expects the company to reap the benefits of this year's continued industry growth.

"I think that we have every indication to believe that '04 is going to be a good year for us," Spinner said.

Spinner indicated that casual theme dining and chain accounts business will continue to grow based on the number of new openings. He's also optimistic about opportunities for independents. "There are a lot of good independents that are doing quite well in all of the markets that we serve. We have every reason to believe that that's going to grow tremendously for us as well," Spinner pointed out, adding that growing street sales will be a major focus of the company this year.

While he declined to confirm last year's revenue figures at this time, PFG, in a statement issued last fall, said broadline sales for the third quarter of 2003 increased 15% as a result of acquisitions, greater street sales and incremental business from current customers. Internal growth in the broadline group amounted to 11%. Spinner did say that PFG continues to satisfy the financial community's expectations about its revenues and plans for future expansion.

"As a public company, we're very focused on doing it better, faster, cheaper. Once you get to a certain scale, and we've reached that scale, there are certain economies that we need to take advantage of and we're certainly doing that," Spinner added.

More from ID Access’ interview with Steve Spinner of PFG's Broadline Division will appear in the upcoming Jan. 16 edition of ID Report

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