Performance Food Group Hits High End of Q3 Guidance

Leaders say broad reach across restaurants, convenience stores plus specialty distribution helps offset softer traffic as costs climb.

Overview

PFG said it met the top of its quarterly outlook, crediting a diversified model and strong field execution despite low single‑digit declines in restaurant foot traffic reported by Black Box.
Independent restaurant volume rose 6.5% as net new accounts grew about 5.4%, which management said shows deeper penetration with existing customers.
The Convenience unit posted 34.1% adjusted EBITDA growth, helped by onboarding large chains Love’s and RaceTrac, while Foodservice excluding Cheney delivered high single‑digit EBITDA growth.
Integration of Cheney Brothers lifted expenses due to temporary double staffing, with customer moves into a new Florence, South Carolina distribution facility expected to wrap early in Q4 to remove overlap.
PFG reaffirmed fiscal 2028 targets for $73–$75 billion in sales and $2.3–$2.5 billion in adjusted EBITDA and expects a pickup in fiscal 2027 as one‑time costs roll off and inflation stays in the low to mid‑single digits.