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Whole Foods Market Announces Second-Quarter Results

AUSTIN, Texas - Whole Foods Market, Inc. reported a 24 percent increase in sales and a record-breaking comparable-store growth of 17.1 percent for the 12-week quarter ended April 11.

Sales increased to $902 million, from $725 million in the prior year. This increase was driven by 7 percent weighted average year-over-year square footage growth and comparable-store sales growth of 17.1 percent. Whole Foods attributes comparable-store sales growth in the second quarter to these factors as well as to a below-average 7.0 percent comparable-store sales increase in the prior year, which was due to several factors, including severe weather, the negative Easter shift, and a positive 70 basis-point impact from the strike in Southern California. Excluding the stores positively affected by the strike, comparable-store sales increased 16.4 percent for the quarter.

Net income for the quarter increased 38 percent to $35.3 million, or 3.9 percent of sales, from $25.6 million, or 3.5 percent of sales, in the prior year. Diluted earnings per share increased 32 percent to $0.54, from $0.41 in the prior year.

Net operating profit after taxes (NOPAT) increased 37 percent to $37.2 million for the quarter. The company's capital charge for the quarter was $29.5 million, resulting in economic value added of $7.7 million, an improvement of $5.0 million over the prior year.
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