Blog: Sales up but losses grow for Whole Foods in the UK
Dean Best | 10 July 2013
Whole Foods has booked a set of mixed annual results for its fledgling UK business, which the US natural and organic retailer is expanding.
In a filing with Companies House, Whole Foods said losses from its UK arm almost tripled in the 12 months to the end of September last year. Whole Foods made a loss of GBP12.6m (US$18.8m) in the UK, compared to GBP4.4m a year ago, itself higher losses than the year before.
The retailer pointed to an impairment charge and the costs of opening stores in Glasgow and Cheltenham. Whole Foods also run up costs from relocating an outlet in London.
Margins were lower as Whole Foods changed its strategy of sourcing prepared foods.
The new stores helped boost sales, which were up almost 27.8% at GBP64.6m. Identical-store sales should also give Whole Foods cheer, increasing 9.7%.
Whole Foods has been one of the stand-out performers in the US in recent years despite the pressure on consumer spending.
Results from its UK business have proved less flattering but the retailer still has confidence about its operations on this side of the pond, with plans for more stores.
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