Whole Foods Market, the US-based organic food retailer, has seen annual losses from its UK business widen – but only thanks to a hefty impairment charge.
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In accounts filed to Companies House, Fresh & Wild, the retailer’s UK subsidiary, booked an operating loss of GBP36.1m (US$61.2m) for the year to 28 September 2008. A year earlier, the business posted an operating loss of GBP9.4m.
Fresh & Wild’s net loss stood at GBP35.9m – against GBP10m a year before.
However, in the most recent fiscal year under review, Fresh & Wild incurred an impairment charge of GBP27.1m.
Stripping out that charge left Fresh & Wild with an operating loss of GBP8.9m and a net loss of GBP8.9m – both improvements on a year earlier.
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By GlobalDataGross profit reached GBP18.6m – up from GBP13.1m a year earlier. Sales jumped 36% to GBP48.8m.
Whole Foods has indicated that it will continue to support its UK business, despite slowing organic sales in the country amid the recession.
“We are continuing to search for potential new locations for further expansion of Whole Foods Market locations within the United Kingdom,” Fresh & Wild said.
Whole Foods is set to publish its fiscal third-quarter group results from the US later today (4 August).
