Whole Foods Market Earnings: Here’s Why Investors are Not Happy Now
Whole Foods Market, Inc. (NASDAQ:WFM) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.84%.
Whole Foods Market, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 18.75% to $0.38 in the quarter versus EPS of $0.32 in the year-earlier quarter.
Revenue: Rose 12.13% to $3.06 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Whole Foods Market, Inc. reported adjusted EPS income of $0.38 per share. By that measure, the company beat the mean analyst estimate of $0.37. It missed the average revenue estimate of $3.09 billion.
Quoting Management: “We are dedicated to providing communities with fresh, healthy, natural and organic food and are on track to deliver our fourth consecutive year of increases in new store openings. We continue to gain market share and see demand for 1,000 Whole Foods Market stores in the U.S. alone,” said Walter Robb, co-chief executive officer of Whole Foods Market. “Our outstanding operational performance is funding our growth, and our new stores are creating a cycle of innovation across the company. We have signed 50 new leases over the last 12 months, increasing our development pipeline to 94 leases, and expect accelerating square footage growth for several years to come.”
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