The company’s net income fell by 10.5% year-on-year (YoY) to $108m. Credit: Piotr Swat/ Shutterstock.

Performance Food Group has disclosed its first quarter (Q1) fiscal 2025 financial outcomes, revealing mixed signals with a decline in net income but an increase in sales.  

The company’s net income fell by 10.5% year-on-year (YoY) to $108m, primarily due to higher operating expenses and interest costs, despite a gross profit rise and lower income tax expense. 

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Total case volume saw an uptick of 2.6% compared to the same period of 2023, indicating a positive trend in product movement. Specifically, organic independent foodservice case volume grew by 4.3%, reflecting robust demand within this segment. 

Net sales for the quarter saw growth of 3.2%, reaching $15.4bn from the previous year’s figure of $14.938bn.  

This was bolstered by gross profit which also grew by 6.1% to $1.764bn, driven by strategic acquisitions and procurement efficiencies. 

Despite overall sales growth, net income for the quarter decreased to $108m from the previous year’s $120.7m.  

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Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for foodservice, however, saw a significant increase of 13.8% to $280m, suggesting improved operational efficiency or cost management. 

Earnings per share (EPS) saw a decline with diluted EPS dropping by 10.4% to $0.69 per share, while adjusted diluted EPS showed a marginal increase of 0.9% to $1.16 per share compared to the same period of the previous year.

The company also reported an operating cash flow of $53.5m for the quarter, highlighting its cash-generating capabilities during the period. 

PFG’s chairman and CEO George Holm said: “PFG had a strong start to fiscal 2025, closing the first quarter with solid sales momentum and adjusted EBITDA growth. 

“Our core business has continued to perform exceptionally well, and we expect this trend to continue. Additionally, I am very pleased with the progress we have made to integrate our recent acquisitions of Cheney Brothers and José Santiago into our foodservice business. These additions are expected to drive significant profit growth and increase market share opportunity. I am excited about the considerable opportunities we have in fiscal 2025 and beyond.”