Richmond, Va.-based Performance Food Group (PFG), marketer and distributor of private label products to foodservice operations, now expects EPS of US$0.45 to US$0.47  diluted for the Q2 2002, up from US$0.28 year on year.

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C. Michael Gray, president and CEO, remarked: “We are pleased with our performance throughout the H1. 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 Q2 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 US$1.48 to US$1.50 per share diluted, up from US$1.03 per share diluted in 2001.

“While we expect our earnings for the remainder of the year to be strong throughout our

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other operations, expenses associated with the launch of our fresh-cut fruit business will ramp up significantly in the Q3 and Q4. Additionally, the Q4 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.”


PFG added that it will report completed Q2 financial results as scheduled on 30 July.