top Bill. we expectations. carried Thanks, The in quarter today. you morning, first thank a our margin quarter nice fiscal solid beat and results Good our second compared through published profit for call joining to gains which everyone line saw the and drove the larger-than-anticipated in momentum with
also in are particularly case very We the more in in restaurant our independent channel. growth, an with encouraging recent weeks, the experiencing, acceleration signs
to the prior of improvement be from may Some period. Omicron in this the impact related year
However, calendar stable more XXXX. there we begin believe are landscape to signs of
aligns margin margin This results growth, adjusted top Our line efficiencies business expansion. leverage units, include expansion are our to growth also consistent and reduction. very objectives high while which driving line and top our operating producing outstanding X a EBITDA level, profitable at fuel main profit with
fronts. review we shareholder all we factors then and from financials quarter believe X will guidance see assumptions. economic for future. morning, second results, vision on of will our value. business can a I This results, the you long-term provide are few our making As our fiscal will drive progress Patrick on Which thoughts and these our
bottom increase announced end raising of are range, from Conference. month the adjusted ICR As EBITDA guidance the pleased the our Patrick, just we hear to XXXX, at we from you fiscal the be will moved we
and reasons much achieve We outlook the moment, XXXX. talk X-year in year will our we through fiscal beyond. for confident these also I feel In this reiterated, we track our that on a are targets to outlook believe in and very
designed have range segments. in to operating with operating Each distinct model business We with characteristics own its our opportunities. be growth a successful X and of environments,
these our and unique We to in quarter. are A Strong already fiscal few were structure seeing success. the units will the begin trends fiscal I business with us of second quarter, achieving in benefits the believe makes in thoughts operating similar marketplace. this from are each Foodservice results how it segment. first on Foodservice
independent chain business. case restaurant industry growth growth softer by Our restaurant offset yet outpaced again, independent
we of the described, business to have As and some exited. we changes softness have related
In lower sales is our business, traffic, believe, and within contribution on in for capital. the balance addition, a a struck focus return there with softness customer chain profit account same-store foot national that good on we is We producing have base.
continue to results impress. area, the In our independent restaurant
below Our X.X% growth, independent quarter, second grew experienced organic we in cases quarter. just the restaurant fiscal the and last X.X%
case We improve are expectations to upon and our have these hard growth for working high numbers. independent
Once the the case independent compared performance market we are context the in the restaurant our our the landscape the to from new addition of in operating of we again, very with and came However, trends. pleased share receive, growth accounts. data industry
company. new is rare growth for exceeded growth our In fact, case which account
future. profit month quite of additions runway certainly growth pace encouraging. Which with pleased in strong. was and customers these believe are in the case January, was sales We volume new the Furthermore, the independent volume, for will long provide of that and account a
also seeing again our filled need brands achieved customers, helps independent restaurant We're comparisons our quality. feel to performance exceptionally last and year-over-year with inflation an which continue high-quality brands were of offset providing by important success However, levels do once do help in have retention. we record impacted year. for persistently well penetration. without good products our high customer sacrificing This Company-owned value at and Omicron a
without side. continue and end company-owned for is brands still inbound XX%. expand of fill march room rates with We quarter, have outbound second continued inbound believe fiscal bound improvement We their fill By Foodservice to rates categories. approximately new approaching for our were and the steady XX% Inbound offerings product new the rates there on for Foodservice, fill forward.
from historic our are levels getting close we supplier community. increasingly However, to
to Before quarter during I the at month the Foodservice inflation our environment second decelerated for quarter, fiscal again, the in by inflationary to and ended X.X%, speak wanted on, moving products. Foodservice. Once month
in We profitability. continue our that not year-over-year to for while pleased inflation healthy believe inflation declining. we and is consumers to Still, the normalization sacrificing the must their market, marketplace competitive to customers are the see the closely, manage dynamics remain and we
to that this place and in we feel systems environment. have can decelerating comfortable accomplish a in successful remain We goal inflationary
we gains In in due inventory Convenience and year to modeled Foodservice, is quarter, was total were fiscal both be holding fact, our to the inflation. the full company. true year-over-year during This This decelerating down guidance. expected and our have second rate as of how a
should path same grow to level through demonstrates our company's of and manage ahead. in margins the confidence ability in to and environment this the our quarters Our holding provide ability profit without gains profit
year that for recovery of the for by as organization. execution is continues despite quarter Vistar. Again, theater reflected mid-single channel, as sales about recovery Vistar's At vending. compared another coffee with did including Vistar of live and to high same multiple period, profit in blockbuster not December, expected. up was growth in high-quality many revenue slower not channels, quite results channel office, the expectations volume the The theater office generating and in case channels was strong originally in a several the releases speaks driven in much the the segment. the which Total time, volume up in the to to prior Turning digits,
XXs. another Another higher line X steadily with believe Suppliers the fiscal encouraging we outbound materials throughout rates below and are stability rates, rates producing levels, to better while of inbound is raw rate first help to go the that access improving improvement the the historic well inbound in in in rates indicated mid-XXs sign have have year favor, now high is still support is fill Vistar's workforce the the room for still moved There in but top Vistar levels. momentum. there fill fill that with tracking tailwind will working in quarters
Convenience on comments few a Finally, our business.
in see growth this ahead. opportunities of significant We profit the are years pleased with and the direction segment
Convenience the second moderate the lower quarter, a holding I discussed. profit fiscal gains, in In see decline did due just inventory to that
excellent years Convenience both adjusted nicely to segment's results have Excluding the mix QX, of in the better that Convenience compared EBITDA January The Convenience month Margin expansion operating second and driven segment quarter of results were inventory note January several Convenience factors, the versus top XXXX. grown also including the in being in would efficiencies. will -- line of XXXX. by gains is I
another portfolio We sales growth experienced our quarter non-nicotine of mid-teens are pleased the year-over-year. particularly of with growth which
food transaction, as a a amount could of to from convenience due faster will company. significant and grow channel the believe, shareholder ability stand-alone Foodservice-related Core-Mark if have, to We come the products derived than from PFG's that value Core-Mark
days. market the this out We but in still play it believe seeing is are early
pipeline the new Convenience our top steady in segment. we have line right also integration how We the of X-year very million. We potential $XX to growth for achieve on the segment expect the a Convenience business. excited are and of with come track our produce which remain synergy within of business to space pleased for consistent We're of has proceeded to target Core-Mark what's
environment announced expectations top calendar beating line and through a though, our we it early was XXXX calendar and company provided are has challenges, steady consistent the some positive channel previously productivity we mix summary, some growth, profit quarter seeing hope in high-quality combination good In The through closed XXXX. improvements. and shift product signs results, with of operating
has has efficiencies bottom the an excellent job line organization for company. driving consistent top done Our results and which produced
to the uncertainty for environment, is broader we still our some opportunity going. is believe and our momentum there bright While significant keep macroeconomic future there remains in outlook growth
the results to role been accomplished transition excellent. Jim enter more outlook a It I challenging and even has and in our Patrick challenge organization. is often typically detail. for new Patrick has CFO that, to Patrick, seamless call from financial turn to transition Jim over which our and will been to more a to review The With a smooth exit.
Patrick?
