Whole Foods Market posted a jump in sales and profits during the second quarter, as less cautious consumers started returning to the high-end natural and organic retailer.
Whole Foods said that it had benefited from shoppers “selectively trading up”, as it posted an 8.7% jump in second-quarter like-for-like sales growth during the period. Total sales gained 13% to US$2.11bn.
EBITDA increased 40% to $182.3m and net profit nearly doubled to $67.5m, the company said.
“We have successfully emerged from this recession with a healthier balance sheet and better capital disciplines,” said company CEO John Mackay. “Our new stores are performing very well, and we look forward to rebuilding our store development pipeline and re-accelerating our square footage growth in the future.”
Whole Foods also raised its full-year ID sales growth target range from 3.5-5.5% to 6-7% and upped its EPS guidance to $1.33-1.37, an increase on the previous range of $1.20-1.25.
For the full earnings release click here, or check back for further analysts of Whole Food’s Q2 performance.