Why Performance Food Group Stock Jumped Today
Shares of Performance Food Group (NYSE: PFGC) have jumped today, up by 14% as of noon EDT, after the company shared a presentation that management will give to investors tomorrow at a virtual investing conference hosted by Jefferies. The food distributor is seeing improvements in weekly sales trends.
The COVID-19 pandemic has crushed much of the restaurant industry, which makes up Performance Food Group's customers, starting in March. The company noted that sales fell by approximately 50% in the last two weeks of March, but conditions have continued to improve each week. In the week ended June 20, weekly dollar sales were down just 10.1% year over year, compared to weekly declines of around 20% or more throughout the month of May.
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Source Fool.com