RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (PFG) (NYSE: PFGC): Due to the evolving and unprecedented impact of the novel coronavirus pandemic on the global economy, PFG is providing an update on its business and financial position.
"We are closely monitoring the current market and positioning our business for the long term as all of us in the country are responding to the threat of COVID-19,” said George Holm, PFG Chairman, President & CEO. “Our first priority is ensuring the health and welfare of our associates and helping our customers through this period of disruption. We continue to assess additional customer opportunities to leverage our scale and assets. Furthermore, while the full impact of COVID-19 is currently unknown, we are confident that we have ample liquidity under our debt facilities even if conditions continue to worsen. Covenants under our bonds do not require us to maintain any liquidity or other financial metrics. We believe that our strong operating model will allow us to weather this disruption, and we will continue to take actions to mitigate the adverse effects to, and support, our partners and clients in the restaurant industry during these unfortunate times."
"PFG's full year 2020 outlook was based on information available at such time, and through the beginning of March, we were on track to meet our previously disclosed and affirmed expectations. However, as the macroeconomic environment has deteriorated, we have decided to withdraw our full year 2020 outlook. We plan to provide additional information on our third quarter earnings call based on the information available at that time on May 6, 2020."
About Performance Food Group Company
Built on the many proud histories of our family of companies, Performance Food Group is a customer-centric foodservice distribution leader headquartered in Richmond, Virginia. Grounded by roots that date back to a grocery peddler in 1885, PFG today has a nationwide network of over 100 distribution centers, nearly 25,000 talented associates and thousands of valued suppliers across the country. With the goal of helping our customers thrive, we market and deliver quality food and related products to over 200,000 locations including independent and chain restaurants, schools, business and industry locations, healthcare facilities, vending distributors, office coffee service distributors, big box retailers, theaters and convenience stores. Building strong relationships is core to PFG’s success – from connecting associates with great career opportunities to connecting valued suppliers and quality products with PFG’s broad and diverse customer base. To learn more about PFG, visit pfgc.com.
