Performance Food 8-K Performance Food Group Reports 25% Increase In First Quarter Net Eps

Exhibit 99.1

12500 West Creek Parkway
Richmond, VA 23238
Phone (804) 484-7700
FAX (804) 484-7701

NEWS RELEASE

FOR MORE INFORMATION:

Media Contact:	Investor Contact:
Cheryl Moore	John Austin
Director, Corporate Communications	SVP and Chief Financial Officer
(804) 484-6273	(804) 484-7753

PERFORMANCE FOOD GROUP REPORTS 25% INCREASE IN
FIRST QUARTER NET EPS

• Net EPS increased 25% versus prior year quarter to $0.20 per share diluted

• Net earnings increased 21% versus prior year quarter to $6.9 million

• Street sales increased approximately 9% over prior year quarter

RICHMOND, VA. (May 8, 2007) — Performance Food Group (Nasdaq/NGS:PFGC) announced results today for the first quarter ended March 31, 2007.

“We are pleased with the results of our first quarter. Our strong earnings and street sales improvements during the quarter reflect the solid progress that Performance Food Group has made in our core productivity and growth initiatives,” commented Steve Spinner, president and chief executive officer. “Our commitment to our growth strategies has positively impacted our quarterly results and will continue to build the foundation for PFG’s long-term margin growth.”

First Quarter Financial Highlights:

• Consolidated net sales in the first quarter were approximately $1.5 billion, an increase of approximately 4%, compared to the prior year quarter. Inflation was approximately 3% for the quarter.

• Net earnings in the first quarter amounted to approximately $6.9 million, which was an increase of 21% compared to the same quarter in the previous year.

• Net earnings per share in the first quarter increased approximately 25% to $0.20 per share diluted, compared to $0.16 per share diluted in the prior year quarter.

“In our customized segment, net sales increased approximately 2% in the first quarter as compared to the same period in the prior year reflective of current industry trends,” added Mr. Spinner. “As we previously stated, we anticipate the rollout of additional business

- MORE -

Performance Food Group Reports First Quarter Earnings
Page 2
May 8, 2007

in the third and fourth quarters. As a result, we expect to incur start up costs in both the second and third quarters of this year.”

“In the broadline segment, our higher margin street sales increased approximately 9% in the quarter versus the same prior year period. Overall net sales in broadline increased approximately 5% in the first quarter compared to the same prior year period, primarily due to an increase in street sales offset by the exit of certain multi-unit business in the first quarter of 2006. We are particularly pleased with the results of our expanded broadline street sales force in continuing to improve our mix of higher margin street sales. We anticipate continued enhancements in productivity from this sales team throughout the year.”

Mr. Spinner concluded, “Performance Food Group remains committed to moving forward with our current initiatives that we believe will drive solid long-term returns for our shareholders. Our balance sheet remains exceptionally strong with virtually no debt, which excludes $130 million of interests in accounts receivable sold under an accounts receivable purchase facility. Free cash flow was approximately $8.8 million for the quarter, compared to free cash flow of approximately $1.4 million in the prior year quarter. As previously disclosed, we do expect net earnings per share for the second quarter of 2007 to be relatively flat and in the range of $0.32 to $0.36 per share diluted, based on the current economic environment, current business trends, and a strong second quarter of 2006. Net earnings for the full year are anticipated to be in the range of $1.34 to $1.42 per share diluted.”

Performance Food Group markets and distributes more than 68,000 national and private label food and food-related products to over 41,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions. For more information on Performance Food Group, visitwww.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, including consumer spending trends; the Company’s ability to achieve projected operational efficiencies and increase sales, particularly higher margin street sales; the Company’s ability to add new customers, particularly in its customized segment; the relatively low margins and economic sensitivity of the foodservice business; the Company’s reliance on major customers; the ability to identify and successfully complete acquisitions of other foodservice distributors; the Company’s ability to successfully develop, produce and market new products and management of the Company’s planned growth, all as detailed from time to time in the reports filed by the Company with the Securities and Exchange Commission.

- MORE -

Performance Food Group Reports First Quarter Earnings
Page 3
May 8, 2007

Performance Food Group Company
Condensed Consolidated Income Statements (Unaudited)
March 31, 2007
(In thousands, except net earnings per common share)

	Three Months Ended
	March 31, 2007					April 1, 2006
Net sales	$	1,529,744		100.0	%	$	1,469,493		100.0	%
Cost of goods sold		1,334,338		87.2	%		1,282,239		87.3	%
Gross profit		195,406		12.8	%		187,254		12.7	%
Operating expenses		182,560		12.0	%		176,532		12.0	%
Operating profit		12,846		0.8	%		10,722		0.7	%
Other expense:
Interest income		843					472
Interest expense		(575	)				(354	)
Loss on sale of receivables		(1,826	)				(1,637	)
Other, net		20					87
Other expense, net		(1,538	)	-0.1	%		(1,432	)	-0.1	%
Earnings before income taxes from continuing operations		11,308		0.7	%		9,290		0.6	%
Income taxes		4,435		0.3	%		3,616		0.2	%
Earnings from continuing operations, net of tax		6,873		0.4	%		5,674		0.4	%
Gain (loss) from discontinued operations, net of tax		52					(32	)
Net earnings	$	6,925		0.5	%	$	5,642		0.4	%
Weighted average common shares outstanding:
Basic		34,534					34,404
Diluted		34,907					34,919
Earnings per common share:
Basic net earnings per common share:
Continuing operations	$	0.20				$	0.16
Discontinued operations		—					—
Net earnings	$	0.20				$	0.16
Diluted net earnings per common share:
Continuing operations	$	0.20				$	0.16
Discontinued operations		—					—
Net earnings	$	0.20				$	0.16

- MORE -

Performance Food Group Reports First Quarter Earnings
Page 4
May 8, 2007

Performance Food Group Company
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2007
(In thousands)

Assets	March 31, 2007		Dec. 30, 2006
Cash and cash equivalents	$	125,728	$	75,087
Accounts and notes receivable, net, including retained interest in securitized receivables		215,516		226,058
Inventories		317,716		308,901
Other current assets		37,120		35,419
Total current assets		696,080		645,465
Property, plant and equipment, net		276,809		291,947
Goodwill, net		356,509		356,509
Other intangible assets, net		46,679		47,575
Other assets		18,510		18,279
Total assets	$	1,394,587	$	1,359,775
Liabilities and Shareholders’ Equity
Checks in excess of deposits	$	90,067	$	88,023
Trade accounts payable		290,816		269,590
Current installments of long-term debt		60		583
Other current liabilities		147,975		146,524
Total current liabilities		528,918		504,720
Long-term debt, excluding current installments		9,577		11,664
Deferred income taxes		49,731		48,582
Shareholders’ equity		806,361		794,809
Total liabilities and shareholders’ equity	$	1,394,587	$	1,359,775

- MORE -

Performance Food Group Reports First Quarter Earnings
Page 5
May 8, 2007

Performance Food Group Company

2007 Compared to 2006
1^st Quarter
Segment Disclosure

							Corporate &			Total Continuing
2007	Broadline			Customized			Intersegment			Operations
First Quarter
Net external sales	$	915,651		$	614,093		$	—		$	1,529,744
Intersegment sales		311			50			(361	)		—
Total sales		915,962			614,143			(361	)		1,529,744
Operating profit		11,539			8,378			(7,071	)		12,846
Operating profit margin		1.26	%		1.36	%		—			0.84	%
Interest expense (income)		907			1,275			(1,607	)		575
Loss (gain) on sale of receivables		2,890			931			(1,995	)		1,826
Depreciation		4,981			1,622			68			6,671
Amortization		814			—			—			814
Capital expenditures		4,171			2,778			27			6,976

							Corporate &			Total Continuing
2006	Broadline			Customized			Intersegment			Operations
First Quarter
Net external sales	$	868,486		$	601,007		$	—		$	1,469,493
Intersegment sales		168			67			(235	)		—
Total sales		868,654			601,074			(235	)		1,469,493
Operating profit		10,203			7,873			(7,354	)		10,722
Operating profit margin		1.17	%		1.31	%		—			0.73	%
Interest expense (income)		5,043			1,388			(6,077	)		354
Loss (gain) on sale of receivables		2,557			824			(1,744	)		1,637
Depreciation		4,352			1,570			80			6,002
Amortization		861			—			—			861
Capital expenditures		11,059			936			46			12,041

Total assets by reportable segment and a reconciliation to the condensed consolidated balance sheets were as follows:

	Mar. 31, 2007		Dec. 30, 2006
Broadline	$	891,957	$	901,752
Customized		252,765		261,975
Corporate & Intersegment		249,865		196,048
Total Assets	$	1,394,587	$	1,359,775

- MORE -

Performance Food Group Reports First Quarter Earnings
Page 6
May 8, 2007

Performance Food Group Company
Non-GAAP Reconciliations

Free Cash Flow

	Q1 2007			Q1 2006
Net income from continuing operations	$	6,873		$	5,674
Add back:
Stock compensation expense		1,373			851
Amortization expense		814			861
Amortization of deferred issue costs		82			78
Depreciation expense		6,671			6,002
Subtract:
Capital expenditures		(6,976	)		(12,041	)
Free Cash Flow	$	8,837		$	1,425

- END -