Foodservice distributor US Foods reports its second quarter fiscal earnings for 2020. The company noted that its gross profit decreased by 41.2% from the prior year due to negative effects of the COVID-19 pandemic. These losses were partially offset by contributions from two recent acquisitions, the Food Group and Smart Foodservice.
"While COVID-19 continues to impact the foodservice industry and our business, we remain confident in the long-term outlook for both the industry and our company,” said Pietro Satriano, Chairman and CEO. “Our team is focused on providing tools, technology and expertise to help operators succeed in this rapidly changing environment. As the quarter progressed, we saw trends in volumes, margins and bottom line profitability improve, and we believe our scale, our differentiated platform and our strong balance sheet leave us well positioned to gain market share as the industry continues to recover.”