Business

Independent restaurant growth drives up US Food profits

Posted August 09, 2016 1:00 am

Business Wire

ROSEMONT - Growth from independent restaurant customers helped fuel US Foods Holding Corp.'s second quarter 2016 profits results up 4.1 percent from the same period last year.

Gross profit for the quarter was $1 billion, up $41 million from same period last year. The food service distribution company said the volume was driven by increased sales to its independent restaurant customers, as well as private brand growth and merchandising initiatives.

"Our second quarter results reflect the positive impact that our 'Great Food. Made Easy' strategy is having in our business," said President and CEO Pietro Satriano. "We continued to see positive sales momentum with independent restaurant customers, gross margin improvement and operating expense leverage.

"We also had a very successful initial public offering in the quarter, raising over $1.1 billion that we used for debt reduction," he added.

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