Whole Foods Market, Inc. (NASDAQ: WFMI) reported earnings of $0.20 EPS and $2.47 billion in revenue. Thomson Reuters (First Call) estimates were $0.15 EPS and $2.49 billion in revenue. These numbers might not be 100% comparable, and there are some guidance notes ahead.
There was a $0.05 impact from FTC-related charges. Its comparable store sales were also down about 4% for the quarter. The company’s identical store sales including eight closures fell 4.9%.
It is probably of little surprise in this market and how discretionary spending on the high-end is being compromised, but the company is lowering its outlook for 2009. The company is lowering its targets for the year to $0.71 to $0.76 EPS. This is down from $1.08 to $1.14 EPS given previously. This number does include FTC related charges and it appears to include $0.17 dilution from series A preferred stock. Whole Foods is also cutting cap-ex to $350 to $400 million.
What is interesting is that shares are up sharply on the news in after-hours trading, rising more than 10% t0 $10.32.
Jon C. Ogg
February 18, 2009
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