Chobani Sales surge as it moves closer to IPO26 Nov 2021
Greek yogurt company Chobani saw its sales hit $1.2 billion as of Sept. 25 this year. That is only $200 million short of what the company recorded for all of 2020, when its sales rose 5.2% to $1.4 billion last year, according to a filing with the Securities and Exchange Commission. In the same time frame, the yogurt company’s losses fell dramatically from $58.7 million to $24 million for the nine months ending Sept. 25.
Sales of products outside of yogurt have been instrumental in helping boost this continued growth, according to company filings. Last year, Chobani’s other offerings like cream, oat milk, coffee creamers, probiotic beverages and ready-to-drink Chobani Coffee posted net sales of $157.7 million. Net sales for those same categories have already exceeded 2020 levels, posting $167.8 million for the nine months ending Sept. 25.
These climbing sales are a promising sign for a company that The Wall Street Journal reported will seek potential valuations of between $7 billion and $10 billion for its IPO. In its initial filing for a public offering, the company listed its offering as $100 million without indicating the number of shares it will offer or what the price of those shares will be.
Such a valuation goal will put the company in line to become of the largest IPOs in the last several years. Beyond Meat went public in 2019 with roughly a $4 billion valuation. Since this alternative protein company became the first plant-based food company to go public, many other corporations have followed suit. Oatly and the Noosa yogurt-maker Sovos Brands are just a couple examples of public companies that will be competing directly with Chobani on the public markets.
While going public is currently a popular move for food and beverage companies, it is not always a lucrative one. In a review from Food Dive of 13 companies that have gone public since July 2020, all but one of the listings are trading below where they began when they first went public.
At the same time, not all of the companies that have gone to market were turning a profit prior to listing. Chobani is, and the company appears to be growing. It is clear that the company is making meaningful progress in its goal of transforming from just a yogurt company into a powerhouse of plentiful better-for-you offerings.
However, there is still a ways to go as financial reports from the company demonstrate there is room to diversify sales. Currently, 10% of its net sales are dependent on two customers, Food Dive reported. However, with 95,000 retail locations in the U.S., there is plenty of room to branch out and support its future sales platform.
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