Performance Food Group Co

PFGC: XNYS (USA)

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Performance Food Group's Proposed Purchase of Core-Mark Adds Scale but Materially Dilutes Margins

Rebecca Scheuneman

May 24, 2021

Business Strategy and Outlook

The coronavirus has caused an unprecedented shock to the food-service industry, which has thus far caused the permanent closure of 10% of restaurants and a double-digit decline in industry sales in calendar 2020. But Performance Food Group's high mix of delivery-heavy pizzerias should help dampen the impact. PFG's pro forma sales, including acquisitions, returned to prepandemic levels in April, and we believe the firm has ample liquidity to weather the storm.

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Performance Food Group Co

Performance Food Group's Proposed Purchase of Core-Mark Adds Scale but Materially Dilutes Margins

Business Strategy and Outlook

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