Performance Food Group Co (NYSE:PFGC) shares fell back Wednesday on release of its first-quarter fiscal 2021 business results.
The company reported total case volume grew 8.9%. Net sales increased 12.9% to $7.0 billion.
The increase in net sales was primarily attributable to the acquisition of Reinhart Foodservice, partially offset by the effects of the novel coronavirus pandemic. The acquisition of Reinhart contributed $1,457.5 million to net sales for the first three months of fiscal 2021. Overall food cost inflation was approximately 1.5%.
Gross profit improved 14.6% to $815.5 million. The gross profit increase was led by the acquisition of Reinhart, partially offset by the current environment surrounding the outbreak of COVID-19. For the first three months of fiscal 2021, the Company recorded a total of $11.9 million of inventory write-offs primarily as a result of the impact of COVID-19 on our operations, which is a $5.7 million increase from the first three months of fiscal 2020.
Net loss was $0.7 million. Adjusted EBITDA increased 5.9% to $135.2 million.
Diluted loss per share was $0.01. Adjusted Diluted earnings per share declined 56.1% to $0.25.
Enthused CEO George Holm, "Our Foodservice segment once again outperformed the industry, particularly in the independent restaurant channel. The integration of Reinhart has progressed smoothly and Vistar, despite its exposure to some of the hardest hit channels, has remained profitable due to strength in the convenience store channel.
"Our associates are engaged and winning new business every day, solidifying our position in the food distribution industry. Our organization has done an outstanding job managing costs and the balance sheet to put us in a strong financial position for the current operating environment."
PFGC shares slumped 54 cents, or 1.5%, to $36.80.
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