Whole Foods 3rd Q Profit Up 35 Percent

Whole Foods Market reported a 35 percent increase in third-quarter profit to $88.5 million (50¢ a share) on sales of $2.4 billion (an 11 percent increase over the prior year’s 3rd quarter). Comparable store sales increased 8.4 percent; identical store sales, excluding four relocations and one expansion, increased 8.1 percent. The company noted that it is continuing to gain market share faster than other public food retailers, mainly because of “value efforts, which have improved our price image,” as well as higher quality standards. The company is accelerating store openings and expects that “continued innovation and ongoing discipline around expenses and capital allocation” will lead to higher levels of operating performance and returns on invested capital.