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Whole Foods wilts on profits miss

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Date: Wednesday 14 May 2008

LONDON (ShareCast) - Shares in Whole Foods Market wilted Wednesday after the natural foods grocer reported a slowdown in sales growth and posted disappointing second quarter profits

Net income in the three months to 13 April fell 13% to $40m from $46m in the corresponding 2007 period.

Earnings per share (EPS) dipped to 29 cents from 32 cents as costs related to the $8.6m purchase of Wild Oats Markets took their toll. Analysts had expected EPS of 31 cents.

Sales advanced 28% to $1.87bn, but this figure was also below analyst estimates, of $1.89bn.

Same store sales, excluding outlets open for less than a year, rose 6.7%, down from a year-on-year gain of 9.3% in the preceding quarter.

The retailer kept its full-year same-stores growth forecast unchanged at no more than 9.5%, and said total revenue for the year would rise by as much as 30%.

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