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Vistar Gains Fuel Strong Q4 Fiscal 2018 Results For PFG

RICHMOND, VA -- Performance Food Group Co.'s net sales grew 3.7% to $4.6 billion in the fourth quarter of fiscal 2018 versus the comparable prior-year period primarily driven by growth in its Vistar business, the nation's largest distributor to the vending industry. Gross profit for the fourth quarter of fiscal 2018 grew 6.4% to $611.8 million. Fourth quarter net sales for Vistar increased 14.4% to $885.1 million and net sales grew 11.2% to $3.3 billion over the same year-earlier period. This incre...

August 15, 2018

RICHMOND, VA -- Performance Food Group Co.'s net sales grew 3.7% to $4.6 billion in the fourth quarter of fiscal 2018 versus the comparable prior-year period primarily driven by growth in its Vistar business, the nation's largest distributor to the vending industry.  Gross profit for the fourth quarter of fiscal 2018 grew 6.4% to $611.8 million.

Fourth quarter net sales for Vistar increased 14.4% to $885.1 million and net sales grew 11.2% to $3.3 billion over the same year-earlier period. This increase was driven by strong case sales growth in the segment's theater, vending and retail channels, and as a result of recent acquisitions.

PFG's net sales for fiscal 2018 increased 5.1% to $17.6 billion. The increase in net sales was primarily attributable to sales growth in Vistar, particularly in the theater and retail channels, case growth in PFS, specifically in the independent channel, and recent acquisitions. Gross profit climbed 7.9% to $2.3 billion.

"Our business generated double-digit earnings growth and strong cash flow resulting in full-year results in line with our expectations," said PFG president and chief executive George Holm. "Vistar had an exceptional year as the strategic investments we made 18 months ago paid dividends in the fourth quarter and will fuel growth in the coming years. In Performance Foodservice, we are making strategic investments in people and technology to support our growth objectives. Looking ahead, we believe we are well-positioned across our businesses for another fiscal year of double-digit adjusted earnings growth."