US: Whole Foods Market ups profit forecast

By Michelle Russell | 9 February 2012

US grocer Whole Foods Market has booked an increase in first-quarter profits and raised its full-year earnings outlook.

Net profit in the three months to the end of December climbed 33% to US$118.3m, while EBITDA rose 21% from the prior-year period to $283m.

Sales in the quarter increased 13% to $3.4bn, while comparable store sales rose 8.7%, and identical store sales, excluding six relocations and two expansions, increased 8.2%.

"We are pleased with our sales momentum and are confident we will continue to leverage our sales to the bottom line as reflected in our increased operating margin and earnings outlook for the year," Whole Foods Market co-CEO Walter Robb said yesterday (8 February).

Based on results from the first quarter, Whole Foods raised its full-year profit forecast to a range of $2.28 to $2.32 per share, from $2.21 to $2.26 per share.

Whole Foods' share price was up 2.64% to $79.99 at 10.06am ET.

Sectors: Financials, Natural & organic, Retail

Companies: Whole Foods Market

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