As PFG Successfully Emerges From Pandemic, It Switches Focus to Integrating Core-Mark

COVID-19 caused an unprecedented shock to the food-service industry, although Performance Food Group's high mix of delivery-heavy pizzerias helped damp the impact, with PFG returning to prepandemic sales levels in April 2021. Product shortages remain a challenge, and we think the firm is gaining market share as a result, as its clout as the third-largest U.S. food-service distributor likely allows it to more easily secure product than its smaller competitors.