Net sales rise at Performance Food Group

Performance Food Group announced that net sales for the third quarter of 2004 grew to $1.5 billion, an increase of 11.5% from $1.4 billion in the year-earlier period. Net earnings declined about 18% to $17.8 million as a result of the impact of recent hurricanes and slower category growth of retail packaged salads on third-quarter results.

Net sales for the first nine months were $4.6 billion, an increase of 13.5% from $4.0 billion in the year-earlier period. Net earnings for the same period declined 29% to $44 million compared with $62 million in the prior year.

“We are pleased with our solid internal sales growth of 11.5% in the quarter despite the recent hurricane-related challenges in the Southeast markets,” said Bob Sledd, chairman and chief executive officer. “Our third-quarter results represent the 39th consecutive quarter in which sales have increased compared to the same period in the previous year.”