Sales swell 14% for Performance Food Group

Performance Food Group, which distributes more than 64,000 food products, reported net sales of $1.6 billion for the fiscal second quarter ended July 3, 2004, an increase of 14% from $1.4 billion in the year-earlier period. Net earnings declined about 22% to $18.8 million.

Second-quarter sales growth of 14% consisted solely of internal growth in each of the business segments. These second-quarter results represent the 38th consecutive quarter in which the company’s net sales have risen versus the same period the year before.

Sales for the first six months of 2004 were $3.0 billion, up 15% from $2.6 billion in the year-earlier period. Net earnings for the same period fell 35% to $26.3 million compared with $40.4 million in the prior-year period.