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Retail

Whole Foods, Good Enough Considering (WFMI)

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By Douglas A. McIntyre Updated Published
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whole-foods-imageWhole 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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