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PFG NEWS RELEASE Performance Food Group Exhibit 99.1 For Immediate Release May 5 , 2021 Investors : William S. Marshall VP , Investor Relations ( 804 ) 287-8108 Bill.Marshall@pfgc.com Media : Trisha Meade Director , Communications & Engagement ( 804 ) 285-5390 mediarelations@pfgc.com Performance Food Group Company Reports Third - Quarter and First - Nine Months Fiscal 2021 Results Delivers Strong Sales and Independent Case Volume Growth ; Generates $ 173.1 million of Cash Flow from Operating Activities in First - Nine Months Third - Quarter Fiscal 2021 Highlights • Net sales increased 2.9 % to $ 7.2 billion Gross profit improved 3.1 % to $ 832.7 million . Net loss of $ 7.6 million • Adjusted EBITDA decreased 7.6 % to $ 121.2 million¹ • Diluted loss per share $ 0.06 • Adjusted Diluted Earnings Per Share ( " EPS " ) decreased 67.2 % to $ 0.191 First - Nine Months Fiscal 2021 Highlights • Net sales increased 9.2 % to $ 21.1 billion Gross profit improved 10.3 % to $ 2.5 billion . Net income declined 74.9 % to $ 9.3 million • Adjusted EBITDA increased 3.2 % to $ 414.4 million¹ • Cash flow from operating activities of $ 173.1 million Free cash flow of $ 54.2 million1 , an increase of approximately $ 137.7 million versus the prior year period Diluted EPS declined 79.4 % to $ 0.07 Adjusted Diluted EPS decreased 54.3 % to $ 0.79 1 RICHMOND , Va . - Performance Food Group Company ( " PFG " or the " Company " ) ( NYSE : PFGC ) today announced its third - quarter and first - nine months fiscal 2021 business results . " Our Company's strong momentum and recovery has continued into calendar 2021 , " said George Holm , PFG's Chairman , President & Chief Executive Officer , “ and I am extremely pleased with the progress we have made as many markets reopen for business . As we expected , the pace of rebuilding our workforce accelerated to support sales trend improvement . We believe that these expenses put us in a solid position to maintain our top - line performance through the rest of fiscal 2021 and into fiscal 2022. Despite a strong January and February in the year ago period , our businesses experienced independent cases growth of 6.3 % in the quarter and a 2.9 % increase in net sales compared to the prior year . Reflecting on everything that has occurred over the past 12 months , this is truly a wonderful accomplishment . " 1 This earnings release includes several metrics , including EBITDA , Adjusted EBITDA , Adjusted Diluted EPS and Free Cash Flow that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. ( " GAAP " ) . Please see " Statement Regarding Non - GAAP Financial Measures " at the end of this release for the definitions of such non - GAAP financial measures and reconciliations of such non - GAAP financial measures to their respective most comparable financial measures calculated in accordance with GAAP . 1