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May 4, 2006

US: Whole Foods Q2 net income up 27%

The Austin, Texas based natural foods retailer Whole Foods Market reported yesterday (3 May) that its second quarter profits rose by 27%, driven by strong sales and profits from newly opened stores.

The Austin, Texas based natural foods retailer Whole Foods Market reported yesterday (3 May) that its second quarter profits rose by 27%, driven by strong sales and profits from newly opened stores.

Net income for the quarter was US$51.8m, up from $40.7m, or $0.30 per share, for the second quarter of 2004. Sales increased by 21% year-on-year to $1.31 bn.

Same store sales rose by 11.9%, leading the company to raise its previous comparable sales guidance to between 10% and 12%, up from the company’s previous prediction of 8-11%. Overall sales, the company said, are expected to fall in the upper end of the range already given.

“We are very pleased to report our tenth consecutive quarter of double-digit comparable store sales growth,” said John Mackey, chairman, chief executive officer and co-founder of Whole Foods Market. “Based on our performance year to date, including our stronger-than-expected 12.5% comp results and new store sales, we are increasing our 2006 comparable sales growth guidance to 10% to 12% and our sales growth guidance to the upper end of our 18% to 21% range.”

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