Performance Food Group Jan-March Sales Growth Slows to 5% - Modern Distribution Management

Log In

Performance Food Group Jan-March Sales Growth Slows to 5%

PFG's total case volume grew 3% for a second straight quarter.
Performance Food Group caption

On May 10, Richmond, Virginia-based Performance Food Group (PFG) announced its fiscal third-quarter earnings, showing solid sales growth during 2023’s January-March period, albeit slower growth compared to how the company started the fiscal year.

PFG posted net sales of $13.8 billion, an increase of 5% year-over-year, but down slightly from 2Q (October-December 2022), when sales were $13.9 billion, and 1Q (July-September 2022), when sales were $14.7 billion. PFG experienced sales growth of 8% in 2Q and 42% in 1Q.

3Q total case volume grew 3% for a second straight quarter after increasing by 16% in 1Q. Organic independent restaurant case growth in PFG’s Foodservice segment grew 8.3% in 3Q, the company said.

3Q gross profit increased 5% to $1.5 billion while adjusted EBITDA rose 32% to $314.7 million.

PFG also reported overall financials for the first nine months of its 2023 fiscal year. Compared to the first nine months of fiscal 2022, total case volume grew 7%, net sales increased 17%, gross profit improved 22% and adjusted EBITDA rose 48%.

“PFG’s three reportable segments continued to deliver solid results in the fiscal third quarter with accelerated organic case volume and favorable cost control producing strong profit growth,” PFG Chairman and CEO George Holm said in a news release. “Due to our organization’s solid execution, PFG produced robust cash flow, allowing for a reinvestment behind growth opportunities and leverage reduction. We believe that our unique market position is a competitive advantage producing solid top-line momentum, margin expansion, and a healthy balance sheet.”

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!


articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events



You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.