Shares of Performance Food Group (PFGC) surged during the regular trading session after the company released presentation slides set to be shown at the Jefferies Virtual Consumer Conference on June 24. In the slides, the company said its weekly dollar sales data has steadily improved since late March, when it began feeling the negative impact of the COVID-19 crisis, going from down 49.6% year-over-year for the week ending March 28, 2020 to down 10.1% year-over-year for the week ending June 20, 2020. Performance Food said that, despite near-term headwinds, it “remains confident” in the attractiveness of the long-term fundamentals of the industry, noting that the Food Away From Home industry has proven to be “resilient” through historical cycles. The company added that it is “well positioned” in the industry to continue to gain market share organically and that it believes there is “significant further opportunity” to continue consolidation in core categories and adjacent channels. Shares of Performance Food Group rose 15.7% in the regular session, but are currently down 2.3% in after-hours trading.
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