Mission Produce has its eyes set on avocado growth, with shares closing up on the day after its initial public offering on the Nasdaq Thursday.
Avocados have become both a superfood staple and a millennial classic. According to the Hass Avocado Board, the U.S. Hass avocado industry had a total market value of $6.5 billion in 2019. That number is expected to hit more than $8 billion in 2023.
Mission Produce has seen continued consumption growth within the U.S., but its future plans aren't limited to the domestic market. Bryan Giles, chief financial officer of Mission Produce, told Cheddar that potential investors appeared interested when the company spoke about "where this avocado revolution is tracking towards."
"We have very aggressive plans in Europe and Asia to grow this category globally," Giles said. "In many cases, these markets are decades behind where the U.S. is at, and they're growing at a fast rate today. And, we really see opportunities for consumption growth going forward."
Considered an essential business, operations have continued during the coronavirus. Giles said Mission Produce was proactive at the beginning of the pandemic with new entry protocols and social distancing and has not had to shut down any of its facilities.
"Our retail customer base has been very strong and business has picked up since COVID," Giles said. "While food services is off a little bit, it's a small part of our business and it has rebounded strongly over the last few months."
Mission Produce priced its IPO at $12 per share. The stock closed at $13.80 on Thursday afternoon.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
