Mission Produce’s IPO


While our Spend data isn’t able to capture basket level detail and the number of avocados sold, we can track how Mission Produce Inc. (AVO)’s top customers have been performing ahead of their IPO.

Per Mission’s S-1: “We primarily serve retail, wholesale and foodservice customers, including Kroger, Wal-Mart, Costco, Aldi, Loblaws and Chipotle…Sales to our top 10 largest customers amounted to approximately 63% of our total sales in the nine months ended July 31, 2020.”

Looking at Kroger (~12% of AVOs total sales), we see April’s stockpiling-driven spikes in Average Ticket and Sales growth. While Ticket remains elevated, Sales growth has now flattened to pre-COVID levels.

For Chipotle, April’s delivery-driven spike in Average Ticket wasn’t enough to off-set an overall drop in Sales due to restaurant closures. However, with locations reopening plus continued demand for delivery (growing 200% and representing >50% of sales), we see a ~20% increase in total Sales Growth in August.

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