Performance Food Group Increases Earnings Estimates for the Second Quarter and Year

Business Wire, July 16, 2002

Business Editors

Performance Food Group (Nasdaq/NM:PFGC) today announced that it expects earnings of $0.45 to $0.47 per share diluted for the second quarter of 2002. The Company reported earnings of $0.28 per share diluted in the second quarter of last year. Performance Food Group said that it will report completed financial results for the second quarter as scheduled on July 30, 2002.

C. Michael Gray, president and chief executive officer, remarked, "We are pleased with our performance throughout the first half of this year. Each of our operating segments continues to contribute to our growth in 2002. We are especially pleased with the performance of our fresh-cut segment. As a result of our acquisition of Fresh Express, the second quarter is the strongest period for our fresh-cut business. That acquisition, coupled with the increasing demand for fresh-cut packaged produce, continues to have a positive impact on our performance.

"Based on our expected performance this quarter, we now expect our earnings for 2002 to be in the range of $1.48 to $1.50 per share diluted, up from $1.03 per share diluted in 2001. While we expect our earnings for the remainder of the year to be strong throughout our other operations, expenses associated with the launch of our fresh-cut fruit business will ramp up significantly in the third and fourth quarters. Additionally, the fourth quarter is not a seasonally strong quarter for Fresh Express. Overall, we are delighted with our progress this year and believe the initiatives we have taken to increase our industry share and our long-term growth prospects are paying off."

Performance Food Group markets and distributes more than 44,000 national and private label food and food-related products to approximately 33,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions. For more information on Performance Food Group, visit www.pfgc.com.

Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on current expectations and management's estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include, but are not limited to, general economic conditions, the relatively low margins and economic sensitivity of the foodservice business, the Company's reliance on major customers, the seasonality of the Company's business, the ability to identify and successfully complete acquisitions of other foodservice distributors and management of the Company's planned growth and the effect of the Company's identification of certain accounting errors on its anticipated results of operations, all as detailed from time to time in the reports filed by the Company with the Securities and Exchange Commission.