Performance Food Group Company (NYSE: PFGC) today announced its third-quarter fiscal 2020 business results.
The firm, based in Richmond, Va., reported total case volume grew 26.4%. Net sales for the third quarter of fiscal 2020 grew 49.3% to $7.0 billion compared to the prior year period.
The increase in net sales was primarily attributable to Eby-Brown and Reinhart and sales growth in Vistar, most notably in the corrections, retail, and hospitality channels.
The acquisition of Eby-Brown contributed $1,212.1 million to net sales for the third quarter of fiscal 2020, including $256.9 million related to excise taxes, while the acquisition of Reinhart contributed $1,355.1 million to net sales for the third quarter of fiscal 2020. The increase in net sales also reflects an increase in selling price per case as a result of inflation and mix. Overall food cost inflation was approximately 2.5%.
PFGC also told investors its gross profit improved 33.5% to $807.5 million. Net loss was $40.2 million, while adjusted EBITDA increased 23.6% to $131.1 million.
Diluted loss per share was $0.35. Adjusted Diluted Earnings Per Share increased 38.1% to $0.58.
According to CEO George Holm, “The COVID-19 pandemic has brought unique challenges to our industry and Company, and I am very proud of how our associates have responded. PFG is committed to keeping our associates safe and taking actions to support the customers and communities we serve while positioning our business to weather today’s environment and emerge on a strong financial and business footing.”
Shares doffed 15 cents to $26.76.