Competitive Pressures Persist, but Vistar Remains a Bright Spot for No-Moat Performance Foods
No-moat Performance Food Group delivered robust sales growth in its second quarter, up 7.1% on a reported basis, including a 3.6% benefit from organic case growth (total case volume jumped nearly 6%) as well as a 1% benefit from food cost inflation. While adjusted operating margins held at 1.7%, in line with the year-ago quarter, we think the sales improvement was what buoyed the stock, which was up by a high-single-digit percentage following results. However, results through the first six month...Performance Food Group is a holding company. Through its subsidiaries, the company markets and distributes food and food-related products. The company's products include frozen foods, such as meats, appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products. The company also supplies non-food items including paper products such as pizza boxes, disposable napkins, plates and cups; tableware such as china and silverware; cookware such as pots, pans, and utensils; restaurant and kitchen equipment and supplies; cigarettes and other tobacco products; and cleaning supplies.
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