Matthew Roth's questions to Performance Food Group Co (PFGC) leadership • Q3 2025
Question
Matthew Roth of UBS inquired about current consumer demand behaviors, such as trade-down or shifts in cuisine types, and the outlook for food inflation, particularly any potential impact from tariffs.
Answer
COO Scott McPherson noted a strong recovery in independent case volume in April, with the Mexican and Convenience foodservice segments performing well. CEO George Holm attributed the challenging quarter primarily to severe weather in February. CFO Patrick Hagerty stated that Q4 inflation is expected to be similar to Q3 and that it is too early to assess tariff impacts, a point echoed by Scott McPherson, who added that the main concern is the broader macroeconomic effect on consumers rather than direct costs.