Albertson's Amends IPO to Include First Quarter 2015 Results
BOISE, ID - Albertson's has modified its IPO filing, now including results from its fiscal 2015 year. The results reflect a rise in comparative store sales.
As we previously reported, the retail chain that has combined with Safeway to become one of the larger names in the business officially filed to go public early last month.
According to the updated filing, Albertson’s saw a growth in identical store sales of 7.7% in the fiscal 2014 year, and 5.1% in the first quarter of 2015, excluding Safeway.
“We believe that the execution of our operating playbook, among other factors, including improved economic conditions and consumer confidence, has enabled us to grow sales, profitability and free cash flow across our business,” the document states, using these numbers to corroborate its statement.
The company added that it is currently executing on an annual synergy plan of approximately $800 million related to its Safeway acquisition, adding that it expects to achieve this by the end of fiscal 2018. By the end of this fiscal year Albertson’s anticipates it can deliver annual run-rate synergies of around $440 million.
Other Q1 highlights the company added to the filing included:
- Generated net sales of $18.1 billion
- Adjusted EBITDA of $728 million
- Free cash flow of $513 million
“In addition to realizing increased sales, profitability and free cash flow through the implementation of our operating playbook, we expect synergies from the Safeway acquisition to enhance our profitability and free cash flow over the next few years,” Albertson’s stated.
Upon filing for the IPO, the retailer proposed a maximum aggregate offering price of $100 million.
