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Updated · Bloomberg · Jul 2Cumberland Farms Files for US IPO as Q1 Swings to $95 Million Net Loss
1 articles · Updated · Bloomberg · Jul 2Summary
- Cumberland Farms disclosed a $95 million first-quarter net loss in its US IPO filing, reversing from $3 million in net income a year earlier.
- Revenue still rose to nearly $4 billion from $3.73 billion, according to the filing submitted Thursday to the US Securities and Exchange Commission.
- The Charlotte, North Carolina-based gas-station and convenience-store operator will be held by parent EG Group after the listing.
- The filing adds Cumberland Farms to a wave of US market debuts that has helped drive a record start to the year for IPOs.
Insights
Is Cumberland Farms' IPO for U.S. growth or to rescue its debt-ridden parent company? After a recent $95 million loss, how is Cumberland Farms justifying its $9 billion IPO valuation? Can a pivot to fresh food save a business built on gasoline as electric vehicles take over?