During the grocery store chain’s most recent fiscal year, Albertsons earned $466 million, which is a 256% increase from the previous year, according to Bloomberg. Additionally, Albertsons’ revenue increased by 3.2% to $62.5 billion. An initial public offering for Albertsons was filed for in March and the grocery store chain is committed to going public this year.
“The coronavirus (Covid-19) pandemic has significantly increased demand for food-at-home, particularly through our e-commerce offerings,” Albertsons said in a statement.
The commitment to going public might be a result of the financial gains the company has made during the pandemic. Albertsons’ sales have increased by 34% in March and April compared to sales a year prior. Additionally, the increased demand has led Albertsons to expand its workforce by 55,000 people since March.
However, some are skeptical that its burdensome debt, totaling $8.7 billion, might be a detriment to an IPO. Cerberus Capital Management, a private equity firm, owns the company and first invested in 2006.